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Affordability a Concern for Aspiring Buyers

(Published on - 2/10/2018 6:50:20 PM)

The majority of renters say they want to own a home in the future and believe that homeownership is a critical piece of the American dream. But making the leap into homeownership is facing bigger hurdles as the market sees higher home prices and a shortage of homes for sale, according to the National Association of REALTORS®’ newly released Aspiring Home Buyers Profile, which is based on findings from a survey of more than 10,000 households’ attitudes about the real estate market.

 

Non-homeowners surveyed say the main reason why they do not currently own is because they are unable to afford homeownership. Swift price increases and a shortage of homes for sale in most of the country have shaken the confidence of non-owners as they consider buying. As such, the share of non-owners who say now is a good time to buy fell to 58 percent at the end of 2017, following a high of 62 percent in the third quarter of 2017.

“A tug of war continues to take place in many markets throughout the country, where consistently solid job creation is fueling demand, but the lack of supply is creating affordability constraints that are ultimately pulling aspiring buyers further away from owning,” says Lawrence Yun, NAR’s chief economist. “These extremely frustrating conditions continue to be most apparent at the lower end of the market, which is why the overall share of first-time buyers remains well below where it should be given the strength of the job market and economy.”

Still, non-homeowners’ desire to eventually buy is not waning. They say the following goals most make them want to buy in the future:

  • Change in lifestyle, such as getting married, starting a family, or retiring
  • Improvement in their financial situation
  • Desire to settle down in one location

Until they do buy, non-homeowners expect to face increasing rents. Fifty-one percent of renters surveyed say they expect their rent to increase this year. However, only 15 percent of renters said the increase in rental costs would make them consider purchasing a home.

“Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher,” Yun says. “However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”

 

 

Source: National Association of REALTORS®


Realty Executives named a Top Franchise Brand by Entrepreneur Magazine

(Published on - 10/12/2017 6:37:36 PM)

Realty Executives 2017 Top Franchise Brands ranking

Realty Executives has been recognized as a top franchise brand by Entrepreneur magazine’s 2017 Top Franchise Brands list. Entrepreneur set out to discover which franchises have done the best job of building themselves up as “beloved, recognizable, robust brands,” noting that factors such as social media followers, system size, number of years in business, number of years franchising, and overall reputation were taken into account.

"We are the experts and have been for 50 years. Our brand equity is built on a culture of excellence, agent productivity, entrepreneurial freedom, and fair pricing that is unmatched,” says David Tedesco, CEO of Realty Executives International.

 

“We will continue to innovate, having set the tone at our founding by establishing the first 100% commission pricing model, we’ve reinvented mobile technology for our Executives, their teams, and our Brokers. As a result, we’re attracting and creating even more productive agents – now 47% more productive than the industry average."

Realty Executives ranked No. 177 on the Top Franchise Brands list, scoring highest in the Cost and Fees, Financial Strength, Size and Growth, and Support categories.

“These scores also reflect the fact that we are a totally debt-free company, and the success of our Concierge Services team, which provides support to our network across multiple channels 2.7 times faster than the industry average,” explains Tedesco.

The 2017 Top Franchise Brands list is based on data submitted for Entrepreneur’s 2017 Franchise 500® ranking.

About Realty Executives Intl. Svcs. LLC 
Established in 1965, Realty Executives International is one of the largest and most established real estate franchise systems in the world, with over 8,000 agents and 500 offices globally. The company offers disruptive pricing models particularly attractive to top performing agents. Its unrivaled mobile technology, business tools, training and concierge service are coupled with protected territories and financing for qualified franchisees. The Scottsdale-based, privately held company has been ranked as a leader in the real estate industry by publications like Entrepreneur, Success and Inc. magazines. For additional company information visit http://www.RealtyExecutives.com.


Millennials Are Redefining Home-Buying Standards—and Gen Z Is Next

(Published on - 9/29/2017 5:28:35 PM)
 
 
 

The home-buying approach varies from generation to generation—and in order to overcome down payment hurdles, millennial buyers are transforming the standards of homeownership set by baby boomers, according to the 2017 Zillow Group Report. In fact, less than half (39 percent) of millennials submit offers with the recommended 20 percent down payment. Twenty-one percent put down the minimum: 5 percent or less.

The financial challenges don’t stop at down payments. Thirty-three percent of millennial buyers report having difficulty qualifying for a loan, and 43 percent have trouble finding out what they can afford. These complications likely stem from a lack of experience, as 71 percent of millennial buyers are purchasing their first home.

“In many cities across the U.S., the housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” says Zillow Chief Economist Dr. Svenja Gudell. “Young buyers often start their careers in fast-growing cities in which the market is particularly tough—and they’re trying to save for a down payment while making record-high rent payments.”

Most millennials are not confident in their buying power. Sixty-two percent simultaneously search for rentals as a back-up in case of challenges in their home search, such as finding suitable properties in their price range or within their required time frame.

Millennials will, however, look for creative ways to achieve the home-buying dream. Twenty-nine percent of millennial buyers ask friends or family for down payment help, often coming up with the full amount using various sources.

Millennials will also jump on the opportunity to claim a home. They do not shy away from multiple offer situations, and are not afraid to go over budget. More than 53 percent of first-time millennial buyers make multiple offers on the homes they want, and 37 percent don’t keep to their financial plan. This can prevent future plans to sell if market conditions don’t allow the sale of the home to cover remaining mortgage balances. The typical homeowner still owes 62 percent of their home’s value and 46 percent of millennial sellers won’t sell their home in their desired price range.

The economic landscape may or may not change for the next generation, but they will likely tackle these financial challenges in their own way, the report shows. Generation Z is just now starting to enter the housing market as renters.

“It’s encouraging to see that Generation Z is inheriting the same notion of what home means as their parents and millennial siblings,” says Jeremy Wacksman, chief marketing officer at Zillow Group. “These tech-savvy yet risk-averse renters are bringing their social personalities home, desiring communal amenities geared toward bringing people together.”

While Generation Z buyers embrace homeownership as fundamental to achieving the American Dream, high rent prices may stand in the way when it comes time for them to buy. Thirty-seven percent of renters who didn’t move in the past year state that lack of affordability is the main reason for staying put.

Since 47 percent of Generation Z identifies as non-white, it is the most racially and ethnically diverse generation in U.S. history, the report shows. This may bring to light challenges facing minority buyers today. Thirty-seven percent of African American/black buyers, 33 percent of Asian/Pacific Islander buyers and 25 percent of Hispanic/Latino buyers indicate they are dissatisfied with the home-buying process. This is due mainly to higher denial rates for minority buyers on pre-approvals and mortgages.

The millennial generation is redefining the way homeownership is approached, and Generation Z will have its own impact on the housing market in a few years, the report shows—especially since they will likely outnumber millennials by nearly 1 million people by 2020.

“As they mature and look toward homeownership, it will be interesting to see how their aspirations and preferences will shape the housing market,” says Wacksman.

For more information, please visit www.zillow.com.


Buying a Home Is a Good Financial Decision

(Published on - 8/11/2017 1:33:41 PM)

NAR’s twelfth Housing Pulse Survey shows a vast majority of Americans believe that buying a home is a solid financial decision, and most believe that homeownership helps create safe, secure, and stable environments.

The survey, which measures consumers’ attitudes and concerns about housing issues, found that building equity and preparing for retirement are the top financial reasons for buying a home. Yet six in 10 say that they are concerned about the cost to buy a home or high rent prices in their area.

The telephone survey of 1,500 adults nationwide in the 25 most populous metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR”s Housing Opportunity Program.

Some key findings from the year’s survey include:

  • Americans overwhelmingly believe that buying a home is a good financial decision; 84 percent hold that view.
  • Nationally, 44 percent categorize the lack of available housing that is affordable as a very big or fairly big problem.
  • Family and friends, REALTORS®, and banks top list of trusted sources when it comes to buying a home or property.Ac

Realty Executives Today has the most productive agents in Queens, NY

(Published on - 7/11/2017 6:31:02 PM)

Realty Executives Today is proud to announce that our agents closed the most sales transactions per agent in Queens, NY, from April 1, 2016 to March 31, 2017, according to The Real Deal magazine. The outlet, which covers real estate news in the New York City market, analyzed MLS sales data and State Department licensing data to produce reports detailing the top Queens firms by licensed agents and residential sales volume. Realty Executives Today closed $151 million in residential sales volume between just 24 agents, while comparatively one local firm with 220 agents closed $160 million and another with over 500 agents closed $129 million in sales volume. Compiling the residential and commercial sales closings, Realty Executives Today closed $231 million in volume.

Realty Executives agents are 47% more productive than the industry average according to RISMedia’s 29th Power Broker Report (Top 500), and these local reports are a further indication of how effective our agents are.

Founded in 1982, Realty Executives Today is a full-service real estate company that helps you buy, sell, and rent in Queens, NY. Our agents are not just agents, we’re local experts. We know the neighborhoods we serve. We know who built the homes in our communities. We know the area development plans and zoning details. We know the schools and local businesses. We know the other real estate brokers in town and their agents. And we know how to protect buyers and sellers. We’ve been holding the no. 1 position in the MLS market share in the Zone 11 Area, which includes Astoria, Sunnyside, Woodside, Jackson Heights, East Elmhurst, Corona, and Maspeth.

For more information on Realty Executives Today, please contact Steve Lagoudis at  (718) 274-2400 or visit www.RealtyExecutivesTodayNYC.com.

 


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