Category Archives: Luxury Home Buyer

Top Tips for Winterizing a Vacant Home

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For a home to remain in good shape throughout the winter it needs regular care and attention. When a home is occupied, many of the things that are necessary to keep it in good working order happen by default. But when the home is vacant, it is up to the owner or the property manager to prepare it for freezing temperatures and other winter risks.

The worst risk comes from bursting pipes, which can lead to water damage that can significantly impact the value of the home. Left alone, water can ruin everything it touches – walls, floors, electrical systems, etc. It can even damage the foundation. Other risks exist as well, such as pest infiltration, that can leave nasty surprises for the homeowner.

Taken together, the dangers of failing to winterize a home are too severe to ignore. Any real estate agent who has been involved with selling bank owned properties or vacant short sales can certainly tell you the necessity of knowing how to winterize a vacant home!

When readying a vacant home for winter weather, there are several things you can do to prepare before freezing temperatures and other winter risks arrive. These include:

Check and Replace Worn Weather Stripping

Weather stripping around doors and windows plays a key role in reducing the amount of cold air that enters your home. Check for cracked or worn stripping, and replace with new, more efficient stripping. If caulking is looking worn and ragged, remove it and re-caulk with an efficient, moisture-resistant product. This will help keep the cold from entering your home, which in turn helps to reduce your heating bill.

Bring in a plumber.

Hiring a professional plumber to winterize the pipes and water system in the home is extremely important if you want to avoid the incredibly expensive water damage that can occur from freezing pipes. The plumber can examine the entire system, inside and out, and then prepare it for freezing temperatures. The plumber will drain all areas where water is stored, like water heaters and hot tubs, and will use an air compressor to expel water from the pipes throughout the house. With the water removed, you do not have to keep the house heated to prevent freezing. The pipes are protected and you save money in utility costs.

Drain outdoor garden hoses.

Water hoses must be disconnected from the home and drained of water to prevent damage to both the hoses and the spigots where they attach to the house. Left undrained, the water inside will freeze and burst not only the hose, but often the spigot as well. If winter watering must be done to keep landscape plants alive, make sure the person who does the watering drains the hoses and disconnects them from the house after each use.

Store your Patio Furniture away.

Whether you decide to store patio furniture away for the winter or simply cover it for the season, take the time to do a bit of cleaning and maintenance on your patio seating and tables. First, remove any cushions from the furniture; next, give all pieces a good scrub using mild dish soap, a bucket of water, and a soft bristled brush. Get all the cracks and crevices as clean as possible. then hose off any soapy residue and let the furniture dry in the sun.

You’ll also want to give the cushions a thorough cleaning, too. Use the same mild soap, water, and scrub brush to clean all cushions. Let them air dry in the sun, as well. Check the furniture for any loose or missing screws and tighten or replace them. If the furniture will remain outside, purchase some heavy-duty covers to protect everything from the elements. Cushions should be stored in the garage or basement, if possible. I like to store them in a large covered plastic storage bin; this helps protect the cushions from critters, moisture, and dirt.

Close up all openings to the house.

Take a close look around the exterior of your home and cover any and all gaps you find. Use caulk to seal small gaps near the foundation of your home, or around windows. A heavy-duty screen or hardware cloth works well to cover exterior vents, allowing air to escape but preventing critters from seeking warmth in your home.

Stock Up on Firewood.

Now is the time to purchase firewood and store it in an easily accessible location. Whether you use wood in your fireplace or in a fire pit during the early fall, you’ll want to have plenty of wood to get you through the fall and winter months.

Clean and Cover the Grill

Now is the perfect time to clean your outdoor grill before stowing it away for the winter.  If you will be storing your grill outdoors, purchase a durable grill cover and if possible, store the grill in a covered area to protect it as best as possible from the elements.

Change the Direction of Ceiling Fans

By doing this, you create an upward draft that redistributes warm air from the ceiling. Directing the warm air back down towards the main portion of a room helps eliminate the temptation to up the thermostat on those extra chilly days.

Have the gutters cleaned and repaired if necessary.

Gutters must be free of debris and attached properly to the house to funnel water away from the roof, siding and foundation. When debris accumulates, the gutter may stop working properly. If enough water collects and a freeze hits, the weight of the ice can pull the gutter away from the home, damaging the siding and leading to potential ice hazards where water collects at the base of the house. If you live in a cold weather climate then you understand just how bad ice damning was last year. Knowing how to prevent ice dams is something every homeowner should have a grasp of. Ice dams can cause serious damage to a home including mold behind ceilings and walls that you may not be able to detect! Have the gutters cleaned periodically until all leaves have dropped from the trees, and make sure they are in good repair.

Remove anything touching the side of the house, such as leaves and firewood.

Water and insects can accumulate in firewood and debris, causing damage to the siding and leading to potential infestations. Keeping everything away from the house creates a safe barrier and prevents water damage. This includes shrubbery and other landscaping. Keep a minimum of a couple of feet to allow the home to breath.

Have trees trimmed over the home.                                         

Remove any tree branches that may touch the house or hang too closely. Tree branches increase the leaves that accumulate in the gutter and can also break and fall on the house in a snow or ice storm. If you are negligent about keeping branches over your home it could lead to insurance denying your claim.

Use moth balls to keep insects out of the house.

Moth balls may smell unpleasant, but they are effective at keeping insects away. Use them anywhere you think insects may be a problem.

Talk to the gas company about disconnecting the gas supply.

A gas explosion can cause even more damage than frozen pipes. Let the gas company know the home is vacant and ask them to disconnect the gas supply to the home. Obviously if you are not living in the home this becomes important because if a gas leak were to form it would be too late for you to do anything about it. This is one of the major reasons why nearly all bank owned properties get winterized.

Make the home appear occupied at a glance.

It is better for potential buyers and discouraging to unwanted visitors if the home appears occupied. You can setup lights on timers and have the landscaping tended to periodically to keep things looking nice. If snow is an issue you can also have the driveway cleared. This advice applies to both occupied and non-occupied homes. Keep in mind that if your home is on the market you are going to need to get it un-winterized with fairly short notice when the buyer schedules a home inspection. Buyers will want to be able to check the heating and plumbing systems and will not be able to do so if the home is winterized.

Hire a landscaper to perform a fall cleanup.

As the weather gets colder, plants will die and you will be left with a disheveled looking yard and landscape. It is beneficial for the sales process if you have someone come in and cleanup around the home after the first freeze or two, when most of the vegetation has died off. The landscaper can cut back any dead growth, rake up leaves and prepare plants for the winter.

Check on the home periodically.

An unoccupied home, even when the lights come on and the driveway is plowed, can be appealing to burglars and to squatters. It can also be a destination for kids in the neighborhood to come hang out for fun. The only people you want visiting are potential buyers, so you should maintain a schedule of visiting the home periodically to make sure it is being left alone and to discourage unwanted visitors.

Use of all these tips and your experience with winterizing a home should be a breeze!

Be Prepared to Buy With These 5 Simple Suggestions

Putting an offer on a new place is possibly the most exciting or excruciating part of buying a home– second to getting the keys. But buyers beware, eagerly rushing towards the finish line can leave you stressed and disappointed. Start putting proper principles in place today, to ensure you can own a home in 1-2 years.

1) Start saving. Having money in the bank makes you look great to lenders and when it comes time to make a down payment, you wont feel the pinch. Additionally, experts suggest having three to six months worth of living expense saved before you buy.

2) Get your credit score. Your credit score can seriously impact your ability to get a loan and interest rates. Clear up inaccuracies on your credit report even if it means meeting with a credit repair specialist.  Review the last 5 years and follow up on any inaccuracies. You’d be surprised how many large companies make mistakes.

3) Calculate your home budget. Create a layout of your monthly expenses at a standard of living you can sustain. Experts suggest spending no more than 36 percent of your monthly income on mortgage payments, which could shrink your price range.

4) Find a lender. A lender is your ally in home buying. They can help you understand how much of a home loan your will really qualify for and what kind of mortgage is right for you. Lenders can also help you get preapproved, solidifying your price range and potentially locking in an interest rate.

5) Look w/out the pressure to buy. Looking at potential homes can be motivating and fun but most importantly educational. Make it a productive exercise by noting what you like and don’t like. Visit homes within your price range to build a realistic checklist your wants and needs. Narrow down what you’re looking for by balancing the two elements – What you need now, and What you’ll need long term

Finding and financing the home of your dreams will be easier than ever after implementing the five steps we just discussed. If you are further along in the home buying process, check out the current market conditions in Park City and Salt Lake City. View our properties in Park City or Salt Lake City or contact an agent specialized in the neighborhood you are interested in.

Nine Mortgage Terms You Must Know

Purchasing a home comes with a varying set of stressors, for both the first time home buyer to even the vetted real estate shopper. An always perplexing component to buying a home is the terminology that comes with it; however, becoming familiar with said terminology puts the home buyer in a position to best negotiate their way through the home buying process, and ensures the best possible home loan and long term financial outcome.

Adjustable Rate Mortgage (ARM): an Adjustable Rate Mortgage indicates that the interest rate you are paying on a home can vary depending on the treasury bill rates; these can be low or high depending on current economic standings. ARMs can be beneficial in the short term, however if you are looking for stable and long term lending, fixed rate mortgages could be a better option.

Annual Percentage Rate (APR): the Annual Percentage Rate is the annual rate that is charged when you take out a loan to purchase a home. APR is also dependent on your credit history and score. Ensure your credit score is in tip-top shape before buying a home by utilizing multiple credit score reports to make sure you receive the best APR possible. Giving yourself adequate time to fix any errors on your credit report before applying for a loan will also secure a better loan option.

Closing Costs: as implied by the name, closing costs are the fees and charges paid at closing of the purchasing of a new home. Common closing costs include credit reports, survey fees, various processing fees, pre-paid interest, etc. In the current market, closing costs can likely be negotiated down; talk to your realtor to see what your options are.

Escrow: an escrow is a contractual arrangement in which a third party, typically a mortgage company, is in charge of payments and documents by those involved with the home buying transactions.

Fixed Rate Mortgage (FRM): a Fixed Rate Mortgage is a mortgage loan in which the interest rate on the loan remains the same throughout the entirety of the home owning process. However, with the interest rate remaining the same, the length of the loan is typically longer on FRMs.

Good Faith Estimate (GFE): legally required to be prepared by the mortgage lender involved with the loan, as required by the Real Estate Settlement Procedures Act, a Good Faith Estimate is a list of every cost affiliated with the loan you are pursuing.

Lock-In: a lock-in guarantees that, for a specific amount of time (generally 30-60 days), the borrower is promised a certain interest rate on a loan by the mortgage lender.

Private Mortgage Insurance (PMI): if your down payment is less than 20 percent of the sale price of the home, banks will require the home buyer to have Private Mortgage Insurance. PMI protects the bank if the buyer fails to make payments.

Title Insurance: Title Insurance is used to protect both the lender and the home buyer if there is a property ownership dispute, and is required by most lenders. Title Insurance is seen almost exclusively in the United States, because the majority of the U.S. does not have a land registration system in place.

When buying a home, having knowledge of the world of real estate is critical to looking out for your best interest financially. Familiarity with terminology, as well as research throughout the home buying process, positions you to be well versed in the necessary language that comes with buying a home.

The job of a professional real estate agent is to help and improve your overall home buying experience. Contact Summit Sotheby’s International Realty today for answers to any of your real estate questions!

Chic Trends for the Luxury Home Owner

Luxury is about more than just lavishness. New trends have emerged in the luxury home market that put special attention on the comfort of the owner by turning a home into an oasis.    

The Smart Home
Roll down the shades, adjust the lights or temperature, lock the doors and turn on the bubbles in the hot tub – home automation is the new hot thing. Now everything can be controlled with just a touch of a button on your smartphone.  

Wine Room
For the wine aficionado, this is a great way to keep your bottles perfectly stored and to enjoy them more often. For those whose worlds don’t revolve around a nice cabernet, a wine room is still a great place to entertain and show others how to live in the lap of luxury!  

Home Gyms
Convenience is something everyone will splurge on. What’s more motivating and efficient than your own private gym right down the hall?  

Spa Bathrooms
Make your bathroom your primary retreat with the works. Each area is personalized to the sexes with vanities, bidets and urinals, heated floors and towel bars, saunas, steam showers, soaking tubs, and showers that simulate monsoon rains.  

Outdoor Space
The popularity of an opulent yard is fading, but great views have always been an attribute of a luxury home. Rooftop decks and terraces take advantage of views and an outdoor space that is low upkeep and useable for entertainment needs of a luxury owner.  

Luxury finishes everywhere.
Nothing is more lavish than the kind of expert craftsmanship that allows an entire wall to be claimed by the natural beauty of rare wood or rock that continues flawlessly from floor to wall to ceiling. Marble is the new luxury finish and onyx is the new accent stone.    

Light
Luxury homebuyers are saying they see the light – through their windows. A home without lots of natural light is simply sub-par in today’s luxury home market, oversized, floor to ceiling windows are common now, as are ceiling windows. 

Tips for Buying and Selling a Home in a Seller’s Market

Whether you are buying or selling a home in today’s market, there are important considerations to make the process go smoothly.

First, if you are planning on buying home in 2014 it is important that you make yourself as desirable as possible by following these tips:

Find a reputable Agent. In a seller’s market, the quality and wording of your offers can be make-it-or-break-it. It’s best to have someone by your side that is knowledgeable in the art of negotiation.

Be quick. Sometimes making an offer at or above the asking price is required to compete for the best properties. You should expect a counter offer in a seller’s market, and your reply should be just as quick.

Negotiate. In a seller’s market you will be competing with other buyers and multiple offers. Offer to dismiss financing, inspection and attorney contingencies to get an edge on the competition. If a home has been on the market for a while, try to figure out why. Sometimes price is not the only factor, and that’s why buyers have to…

Prepare to make concessions. To get your desired home, seduce sellers by extending their move out date and offering to pay their expenses. Allow the seller to take anything, even fixtures from the house – now is not the time to ask to keep the swing set.

Stand out by being an ideal buyer – one who is preapproved and flexible towards the owner’s desires. Do something memorable; include a personal note detailing what you love so much about the home with your best offer. In addition, never fails to offer a lot of earnest money on a home you are serious about, it makes you look committed and financially sound.

Tips for Selling your Home in a Seller’s Market

If you are thinking of selling your home while the market is heating up, be aware that homebuyers are much savvier following the recent economic downturn. Here are a few bits of advice to ensure you get the most out of your home:

Get while the getting is good. Don’t wait for a peak in a seller’s market; such markets can be short lived. If you’re thinking about selling, start the process as soon as possible. Begin by getting your home inspected because some things may take more time to fix than anticipated. Next, prepare your home for photos by giving it a deep cleaning and removing clutter. Then, search for a great agent.

Choose your agent wisely.  Because of fierce competition for homes, you will be juggling multiple offers from multiple people, interview several local agents and make sure your agent has a passion for negotiation and the patience to walk you through the financial aspects of every deal. It’s also important to have an agent who will actively market your home for about a week before entertaining any offers. This creates a following of people who are serious about buying.

Negotiate. As a seller, this is your market, which means you should expect to get more than you asked for your home. Make the most of it by allowing time to send and receive multiple offers. Experts recommend issuing a counteroffer to all prospective buyers, giving them 24 hours to come back with their best offer. The result is usually a sweet deal, even if one offer was originally lower than the other.

Safeguard yourself.  Beware that 10 percent of deals will never close due to insufficient funding to an unqualified buyer. Make sure the offers you take seriously are from preapproved buyers.

Summit Sotheby’s International Realty offers exemplary service to real estate buyers and sellers in Utah, with a specialized focus on Park City real estate and Dear Valley real estate. Its more than 100 real estate brokers and agents are locals with in-depth knowledge Utah’s unique real estate market. Clients can expect personal attention from the most knowledgeable agents along the Wasatch Front and Wasatch Back. For more information or to view our current listings, visit summitsothebysrealty.com.

Summit Sotheby’s International Realty and the Montage Residences Deer Valley

Montage Deer Valley Residences

PARK CITY, Utah (February 3, 2014) – Summit Sotheby’s International Realty, a luxury real estate firm based in Park City, Utah has been selected as a co-broker with ORES Realty to represent residential real estate sales of Montage Residences Deer Valley. Shane Herbert, a top producing sales associate at Summit Sotheby’s International Realty, will lead the co-brokerage efforts, along with the onsite ORES Realty sales team.

“Montage Residences Deer Valley and ORES Realty are excited to work with Shane Herbert and Summit Sotheby’s,” said Neil Johnson, Director of Residential Real Estate for the ownership group. “We feel the combination of Shane Herbert, a respected luxury real estate agent in the local market, Sotheby’s International Realty’s reach in the national and international luxury markets, and our ten year history in working with Sotheby’s at Montage Residences in Laguna Beach and Beverly Hills will yield a successful partnership in Deer Valley.”

These masterfully crafted residences are noteworthy for their spaciousness, ranging from one to four bedrooms with 1,221 to 6,858 square feet of living space. Classic, European architecture features high ceilings, large private balconies, fully outfitted gourmet kitchens and luxurious five fixture stone master bathrooms. Expansive windows and private balconies reveal your choice of awe-inspiring valley views – a constant reminder of the alpine playground waiting just outside your door. www.montageresidencesdeervalley.com

“Owners of Montage Residences Deer Valley enjoy turnkey, stylish residences while enjoying the lifestyle of a world class alpine resort, “said Shane Herbert, sales associate at Summit Sotheby’s International Realty.

“Our relationship with Montage Residences Deer Valley allows our firm to share these beautiful private residences with luxury buyers affiliated with our brand across the world,” said Thomas Wright, president and partner of Summit Sotheby’s International Realty.

Founded in 1976, the Sotheby’s International Realty brand is a unique luxury network of brokerage agencies offering a wide collection of luxury homes, estates and properties for sale throughout the world. With more than 670 offices and 13,000 sales associates across 49 countries and territories, the network is committed to helping its clients find a home and luxury real estate agent in the world’s most desired locations. Its purpose is to artfully unite extraordinary properties with extraordinary lives – servicing the needs of the most prestigious clientele in the world. Property listings from Summit Sotheby’s International Realty also are marketed on the sothebysrealty.com global Web site, as well as on the firm’s local web site, www.SummitSothebysRealty.com.

Summit Sotheby’s International Realty is located at 1750 Park Avenue, Park City, Utah 84060. For additional information, contact Joe Averett 435.649.1884, or visit www.summitsothebysrealty.com.

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About Summit Sotheby’s International Realty

Summit Sotheby’s International Realty offers exemplary service to real estate buyers and sellers in Utah, with a specialized focus on Park City real estate and Dear Valley real estate. Headquartered in Park City, its offices service the Salt Lake Valley, Heber Valley, Kamas Valley, St. George and Summit, Wasatch, Salt Lake, Davis, Utah and Washington counties. In 2013, Summit Sotheby’s International Realty will have represented 675 properties in transactions with a total sales volume expected to exceed $1 billion. Its more than 100 real estate brokers and agents are locals with in-depth knowledge of ski-in/ski-out, golf, farm, ranch and resort properties. Clients can expect personal attention from the most knowledgeable agents along the Wasatch Front and Wasatch Back.

Contact:

Joe Averett
Director of Marketing
Summit Sotheby’s International Realty
435.649.1884
Joe.averett@sothebysrealty.com

2013 Home Buyer and Seller Generational Trends

The National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.

We’ll be devoting a number of stories in the coming days to the ”Home Buyer and Seller Generational Trends” report, and for our first study, we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.

1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).

2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.

3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.

4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.

5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.

Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.

As we already stated, this only scratches the surface of NAR’s report, and we’ll be back soon with more coverage of the report’s findings.

– See more at: http://miamiagentmagazine.com/the-5-most-important-characteristics-of-todays-homebuyers/#sthash.qjcBH8VU.dpuf2013 Home Buyer and Seller Generational Trends

NAR’s 2013 Home Buyers and Seller Generational Trends report is massive, and among its many findings are great insights into homebuyer characteristics. – See more at: http://miamiagentmagazine.com/the-5-most-important-characteristics-of-todays-homebuyers/#sthash.qjcBH8VU.dpuf
The 5 Most Important Characteristics of Today’s Homebuyers – See more at: http://miamiagentmagazine.com/the-5-most-important-characteristics-of-todays-homebuyers/#sthash.qjcBH8VU.dpuf

NAR’s 2013 Home Buyers and Seller Generational Trends report is massive, and among its many findings are great insights into homebuyer characteristics.

The National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.  First we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.

1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).

2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.

3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.

4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.

5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.  Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.

Download and view the 2013 Home Buyer and Seller Generational Trends

The National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.

We’ll be devoting a number of stories in the coming days to the ”Home Buyer and Seller Generational Trends” report, and for our first study, we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.

1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).

2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.

3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.

4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.

5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.

Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.

As we already stated, this only scratches the surface of NAR’s report, and we’ll be back soon with more coverage of the report’s findings.

– See more at: http://miamiagentmagazine.com/the-5-most-important-characteristics-of-todays-homebuyers/#sthash.qjcBH8VU.dpuf

aThe National Association of Realtors publishes many reports on real estate and the many individuals involved in the industry, and few are more eagerly anticipated than the “Home Buyer and Seller Generational Trends” report, a massive study of the homebuying and selling process.

We’ll be devoting a number of stories in the coming days to the ”Home Buyer and Seller Generational Trends” report, and for our first study, we’re going to look at the five most important characteristics that NAR uncovered for homebuyers in today’s housing market.

1. The “X” Factor in Today’s Housing Market – Generation X comprised the largest group of recent homebuyers, making up 31 percent of home purchases; they were followed by the increasingly important Millennials/Generation Y, which made up 28 percent, and then young boomers (18 percent), old boomers (14 percent), the Silent Generation (10 percent), and finally, the G.I. Generation (less than 1 percent).

2. Age-Centric Home Purchases – Age continues to have a huge impact on what homes consumers ultimately buy. For homebuyers aged 57 and younger, the single-family detached home continued to reign supreme, with 80 percent of those buyers opting for that option; however, among buyers aged 58 and older, townhouses and condos are becoming increasingly common.

3. First-Timers MIA – First-time homebuyers remain relatively missing in action, with 39 percent of all home purchases going to first-timers. Of those first-time homebuyers, though, 79 percent were younger than 32, while 36 percent were between 33 and 47 years old and 19 percent were between 48 and 57.

4. Prior Living Arrangements Vary – The previous living arrangements for homebuyers varies wildly based on the buyers’ age. Among homebuyers aged 32 and younger, 65 percent rented an apartment before their purchase, and 22 percent lived with parents, relatives or friends. As the consumers aged, the percentage of owners increased and renters decreased, though for consumers aged 33 to 47, 50 percent were still renters before making their  purchase.

5. Reasons for Buying Vary – Similarly, the reasons for the home purchase also fluctuated with age. For instance, among homebuyers aged 32 and younger, 50 percent were buying out of a desire to own, with 12 percent saying they took advantage of housing’s relative affordability, and 10 percent owning because of changing family situations.

Meanwhile, among buyers aged 33 to 47, 17 percent desired to own a larger home, 13 percent had a job relocation or move and 7 percent wanted to live in a better area. Also worth mentioning: 6 percent of homebuyers aged 48 to 57 desired a smaller home, and 7 percent wanted to be closer to their school/job/transit; and among older homebuyers, the main reason was living closer to family and friends, with 13 and 24 percent of homebuyers aged 58 to 66, and 67 to 87 citing that reason, respectively.