September

Is downsizing a thing of the past?

Don’t expect homeowners approaching retirement in the next decade to downsize. A survey by homebuilder Del Webb revealed the future plans for those ages 49–611:

  • Older Generation Xers and younger Baby Boomers in this range want to move to a house the same size or bigger than their current one.
  • One third of Generation X respondents said they would design their next home to accommodate aging parents.
  • Open floor plans are less favored: 34% desire more defined spaces‚ such as a dedicated dining room (preferred by 60% of Generation Xers and 48% of Boomers).

As always‚ my goal is to share information that is timely and relevant to your business.

1Barbara Ballinger‚ “Upcoming retirees aren’t looking to downsize‚” REALTOR® Magazine‚ last updated May 2‚ 2019.

April

Key findings from the FHA’s annual report

As home prices rise, more buyers are looking to family for help with down payments.1  The Federal Housing Administration’s (FHA) annual report found2:

  • More than 26% of borrowers who used FHA programs had assistance from a relative to fund down payments (up from 22% in 2011).
  • The homeownership rate among those 35 and younger has fallen eight points to 35%. The reasons?  Higher home prices, interest rates, and student loan debt.
  • The number of FHA borrowers receiving down payment assistance from family, the government or another entity jumped from 30% to 39%.

As always, it is a pleasure staying in touch.

1Don Reisinger‚ “More homebuyers are turning to their parents for mortgage assistance‚” Fortune, last updated January 4‚ 2019.

2“2018 FHA Annual Report‚” HUD.gov.