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Real Estate Articles & Economic News - July 2017

Never Before Have Mtg Rates Been So Low When the US Labor Market is at Full Employment

In the article, "Why is Home Buying Demand So High?  Partly Because Buying Conditions (in Theory) Are So Good,  www.zillow.com, reports that

     an incredibly strong jobs market, coupled with historically high levels of home affordability, is helping create a perfect storm of home buying demand that is proving incredibly difficult for home builders and home sellers to satisfy.  For most of us, the decision on the right time to buy a home generally revolves around two key factors;  landing a steady job, and affording the monthly mortgage payments on a home.  The low (and falling) unemployment rate certainly suggests the former is very achievable; incredibly low mortgage interest rates mean the latter is theoretically more possible than ever (at least in most markets), despite rising home prices.  It's no wonder, then, that home buying demand is so high right now -      

 in addition to expected demographic tailwinds as the enormous millennial generation ages into its prime home buying years, buying conditions themselves are mostly very favorable.  Mostly, but for one small hurdle:  The number of homes available for sale isn't nearly enough to satisfy this huge home buying demand.  And inventory isn't just failing to keep pace with demand, it's actually falling precipitously.  In other words, don't expect this demand to cool anytime soon, absent a massive shock to the jobs market that might cause unemployment to surge - which nobody wants.

Does the Mulit-Gen Trend Have Legs?

The article, "Does the Multi-Gen Trend Have Legs?" from http://www.builderonline.com/  reports that in a post-Great Recession landscape, particularly as the future of work and the soaring cost of healthcare invite such profound questions as they do, households are behaving in a way that shows how important family ties are to the economic viability, mobility, options.  Jobs and employment wages are still no doubt the most important source of income for our society's households.  But paychecks are not the only financial knobs and levers families press and pull to navigate amid today's challenges.  With past as prologue, households composed of more than one generation of adults may direct us back to the future.

     This is why we believe multi-generational living - in its newly - evolved forms and formats - is more than a passing fad, but rather a sneak peek at new strains and streams of household normalcy. The most important reason primary homeowners say they seek multi-generational features and functionality in their homes is for financial assistance, meaning having more than one generation living under one roof makes a difference in the attainability of the home.  A fairly close second ranked reason (42%) is physical health, which ties to the first insight, given that aging parents frequently have current or future health issues to deal with.

We're guessing that the underlying financial factors that motivate families to want to stay in near proximity to one another are only strengthening as challenges surface around automation, robotics, data, and the future of work.  The multi-generational living trend is only now getting a start. Stay tuned.

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August is 'Month of Miracles' - 25th Anniversay and 150 Million Dollars!

Stay tuned for more details on our 'Month of Miracles' 1 Million Penny Drive!  Let's put those unwanted pennies to good use.

The commitment of the RE/MAX family to Children’s Miracle Network Hospitals demonstrates “the power of many makes a difference.” That is the true secret behind the RE/MAX® relationship with Children's Miracle Network Hospitals. The individual donations of thousands of Associates amount to millions of dollars each year for children’s hospitals, with over 8 million raised in 2014 alone!

Every time you buy or sell a home with our team a donation is made in your name to the Children's Miracle Network benefiting Phoenix Children's Hospital.  We are honored to have been named as one of the 'Top 10 Contributors' to the Children's Miracle Network and PCH year after year!  

https://remaxllc.childrensmiraclenetworkhospitals.org/

https://phoenixchildrens.childrensmiraclenetworkhospitals.org/

http://www.phoenixchildrens.org/

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Joe Bourland, PC
RE/MAX Professionals
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Avondale AZ 85392
602-497-4777
Fax: 623-505-4222

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