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High rents slamming college grads

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Data from the National Association of Collects and Employers shows that the average starting salary for college grads in 2020 was approximately $55,000, an increase of 14 percent from 2010. Not bad.

Meanwhile, Apartment List reports that apartment rents have risen 16 percent in the last year alone and 28 percent since 2017. Not good.

Many college grads are taking on roommates to help defray the cost.

With competition for affordable units very high, many property owners are requiring cash savings and stable work histories which recent graduates often can’t supply.

Pets & Real Estate

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Pet adoption has increased since the start of the pandemic and these family creatures are influencing home choices. According to the National Association of Realtors, 43 percent of pet owners will move to better meet their pet’s needs while 68 percent said they will pass on an otherwise ideal home if it isn’t suitable for their pets.

In general, pet owners are looking for a backyard that is fenced in, an outdoor play area, trails and sidewalks in the neighborhood, adequate indoor space ad durable flooring.

Home improvement projects continuing

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Despite high inflation and seemingly never-ending bottlenecks with the supply chain, 71 percent of homeowners said in a recent survey that they plan to go on with their home remodeling projects. Most are interested in preparing the general wear-and-tear or outdated aspects of their homes while others are looking at making their home more enjoyable.

Many are looking at creative ways to combat the higher prices, from locking in with a contractor at the expense of delaying the project for up to three months to storing project materials on the property to prevent future cost increases.

on way of another, most are intent on seeing the projects to completion.

Home price growth expected to slow

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As mortgage rates continue to climb – some analysts predict 5.5 percent or even 6 percent by the end of the year – many would-be home buyers find themselves priced out of the housing market. This, of course, means that there is less competition for those who are still in the market which should translate to a slower price escalation and less need to bid over the asking price.

According to the Mortgage Data Association, mortgage applications were down 11.1 percent for the week ending April 29.

New California program to help first-time buyers

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A new program to help first=time home buyers in California – the Forgivable Equity Builder Loan – will allow qualified, first-time buyers to borrow up to 10 percent of the purchase price and have the debt forgiven if the home is lived in for five years.

the loans are for middle-income families making less than 80 percent of their county’s median income or approximately $120,000 per year. California has earmarked $100 million for the program.

Buyers’ fatigue is real

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As interest rates continue to rise, more would-be homebuyers are dropping out of the competition saying they don’t want – or can’t – engage in bidding wars.

Moreover, realtors selling homes for under $1 million are reporting that more of these homes are selling closer to the asking price.

Homes priced at $2 million and over are not as adversely affected by the rise in mortgage rates, according to analysts.

Highter rates and the housing market

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The current (rapid) rise in mortgage rates – an average of 5 percent last week, the highest in a decade – will undoubtedly give pause to those would-be sellers who are currently paying less than 3 percent.

On the other hand, analysts point out that higher rates will also limit demand, which means homes will stay on the market longer, giving buyers more options from which to choose.

Already effects are being seen: some sellers are reducing their asking prices while mortgage purchase applications declined 6 percent compared to last year.

More buyers being priced out

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As mortgage rates continue to rise quite rapidly, more would-be buyers are being priced out of the housing market which should ease demand, according to many analysts. Already, mortgage applications are down 6 percent.

Of course, the other side of slowing demand is that asking prices will have to be more realistic, and bidding wars may not ensue at the pace of recent years. This may cause some to decide not to sell.

Given all of the above, the National Association of Realtors is predicting a 10 percent drop in home sales in 2022.