Some Homebuyers Never Grow Up
Ever wonder why your buyer clients' faces light up when you're showing a listing with a back yard pool? Chances are, they've been dreaming about their own pool since they were children. A recent Zillow survey discovered that many childhood desires are carried on into adulthood. Other home features that many buyers still fantasize about: bowling alleys (43%), frozen yogurt or soft serve machines (34%), and soda vending machines (24%).
Different generations wanted different extras and features. Elevators are one example: over half of the survey respondents born in the '90s say their childhood selves dreamed of an elevator in their home, while only 21% of Boomer respondents were interested. There was an almost equally large gap between younger and older generations when it came to favoring a home with a built-in Jacuzzi or hot tub.
In a year of low inventory, today's grown-up buyers are prioritizing features that are important but not nearly as exciting. Most want their next home to include air conditioning, walk-in closets and laundry rooms.1
Mid-Atlantic Inventory, Home Prices Heat Up
A new MLS report found that new listings increased by 14.7% year-over-year in the mid-Atlantic region which includes Philadelphia, Baltimore and Washington D.C. Competition between buyers increased, with half of the homes in the region selling in eight days or less. Bidding wars were even seen by some agents.
In the Philadelphia metro area, median prices reached a two-year high in April, rising to $365,000. This number is over 10% higher than in April 2023, and the fastest year-over-year appreciation since May 2022.
Inventory growth put Washington D.C. metro buyers in the fast lane. At the end of April, the MLS contained 6,569 active listings, which was over 20% higher than in April 2023. Pending and closed sales were up compared to last year's, with the median price setting a record at $640,000.
Meanwhile, in the Baltimore metro area, inventory at the end of April 2024 was 15.7% higher year-over-year, with nearly 4,000 homes on the market. This inventory number was the highest since 2020. The median sold price in Baltimore was $381,000, which was 5.8% higher than April 2023.2
Reel In Your Longer Instagram Reels
According to recent research by Instagram's content team, there are several things to avoid when posting to your Instagram account. One no-no: posting a reel that's longer than 90 seconds (1 1/2 minutes). While viewer attention spans are one reason to keep your Reels shorter, it's also more difficult for visitors to share a longer one.
Here are some other pointers to keep in mind when you're planning your future Instagram posts:
- Consider when your audience is online.
- When suitable, post updates to your other social media apps while uploading them to Instagram.
- The higher your postings' quality and resolution, the more likes and shares they'll earn.
- Avoid posting content you didn't create, especially those with third-party watermarks.
More Buyers and Parents Adopting Shared Equity
While mortgage lenders have allowed parents to help children buy a home since the 1990s, rising property prices have made financial assistance a necessity. Currently, 38% of first-time Generation Z buyers (aged 18 to 27) have received assistance from their parents, especially as many of these first-time buyers are managing student debt.
When parents decide to assist children with a home purchase, they may choose to provide cash assistance, aka "gift funds", or arrange a shared equity arrangement. Shared equity requires a comprehensive income review that will help determine what's affordable for all parties. Preparing a legally binding shared equity agreement helps prevent future misunderstandings, especially when the property is sold.
In addition to financial assistance, parents can often advise their children on which properties best suit their needs. For example, first-time buyers may not have the time or income to carry out home improvements, so parents may advise them against considering a fixer-upper, even if it's offered at a lower price.4
HUD Releases New Appraisal Reassessment Guidelines
Effective for FHA case numbers assigned on or after September 2, 2024, the Reconsideration of Value policy will be explained to consumers, with guidelines for requesting a new or amended appraisal. Lenders and underwriters will be trained to identify and correct any appraisal deficiencies.
The new Reconsideration of Value policy was created with input provided by the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). To learn more about PAVE, click here to be taken to the Task Force's website.5
Sources: 1zillow.mediaroom.com, 2nationalmortgageprofessional.com, 3socialmediatoday.com, 4realtor.com, 5hud.gov
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