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Millennials Say Having A Dog Is A Top Reason To Buy

Millennials Say Having A Dog Is A Top Reason To Buy

There are a handful of common answers that come up time and time again when Americans are surveyed about their reasons for buying a home. For example, a desire for more space is always at or near the top of any list documenting prospective buyers’ main motivations.

If you’ve run out of space where you are<!–more–>

After all, if you’ve run out of space where you are – whether it’s because you’ve started a family or because you’ve got a lot of stuff – you’re probably going to be eager to move somewhere bigger. But though survey after survey finds we all share some common wants and needs when it comes to our homes, a new survey of young Americans who have never owned a home found a surprising reason behind their desire to become homeowners.

So, what was it? Well, 42 percent of respondents said their dog, or desire to have one, was a key factor in wanting to one day buy a home of their own. And, though that may seem unusual to those of us who don’t have pets, those that do, more often than not, consider them a part of their family. So, for a renter who may have trouble finding a landlord that will allow pets at all or one that won’t charge them extra for having one, buying a home can provide a less stressful environment for both the homeowner and their beloved pet. More here.

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Homeownership Rate Rises Unexpectedly

For several years following its 2004 peak, the homeownership rate was falling. Fewer Americans were buying homes and, instead, more were choosing to rent. The reasons behind this were fairly obvious.

The housing crash and financial crisis made buying a home difficult for younger Americans who were struggling to get on their feet and kept hesitant homeowners from putting their homes on the market due to lost value. The combined effect was that fewer Americans were in a position to buy and the very idea of homeownership as a wise financial decision was called into question.

Since then, though, home prices have largely bounced back and a stronger job market has led to rising buyer demand. Because of this, the homeownership has now begun to inch back up.

Homeownership Has Now Begun to Inch Back Up

For example, the latest report from the U.S. Census Bureau shows the homeownership rate improved during the second quarter of this year and is nearly one percent higher than at the same time last year. Still, at 63.7 percent, the rate is comparatively low. At its peak, it was near 70 percent. More here.

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New Home Builders Say Buyer Interest Is Strong

Buyer demand for new homes remains strong, according to the most recent Housing Market Index from the National Association of Home Builders.

The Index – which measures builders’ confidence in the new home market on a scale where any number above 50 indicates more builders view conditions as good than poor – was at 64 in July.


Additionally, individual components measuring current sales conditions and expectations over the next six months both scored 70 or above. Robert Dietz, NAHB’s chief economist, says buyer demand is strong but there are other factors slowing the rate of new home construction. “The HMI measures of currents sales conditions has been at 70 or higher for eight straight months, indicating strong demand for new homes,” Dietz said. “However, builders will need to manage some increasing supply-side costs to keep home prices competitive.” Specifically, builders have expressed concern over the cost of lumber. Naturally, higher lumber prices effect the overall cost of new homes and the number of buyers that can afford them. In other words, the reason more new homes aren’t being built isn’t because of a lack of demand and, in many cases, has more to do with higher material prices and a fewer available lots to build on. More

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What Pending Sales Numbers Mean For Buyers

The National Association of Realtors’ Pending Home Sales Index is a good indication of where home sales will be a month or two down the road. That’s because, it measures the number of signed contracts that occurred during the month, rather than the number of closings. And since there is typically about a month between having an offer accepted and closing the deal, the number of pending sales can be a pretty accurate predictor of future home sales numbers. According to the most recent release, pending sales were down 1.3 percent in April from the month before. Lawrence Yun, NAR’s chief economist, says there may be fewer contracts signed as the spring goes on because of a lack of available listings. “Much of the country, for the second straight month, saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” Yun said. In other words, the number of homes for sale can’t keep up with the number of buyers interested in buying them. That means, home buyers should expect to find competition for the homes that are available for sale this summer. More here.