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Metro Atlanta Real Estate Agent: Why Are First-Time Buyers Waiting Longer?

One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across a great video on the topic from CNBC. Here are our three biggest takeaways from the video.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well
 Rental rates are causing 46% of renters aged 25-34, to spend more than 40% of their incomes on rent, up from 30% a decade earlier.

3. Job security is important to millennial buyers
 The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining me today. If you have any questions for us, feel free to give us a call at (678) 428-5841 or send us an email at Lorie@HomeByLorie.com. Talk to you soon!

How to Organize Your Home Before a Showing

I recently found a good video on HGTV that I thought would be helpful to you if you're preparing to sell your home. It's essential that when you show your home to buyers, it's clean, organized, and decluttered. You'll want to empty out your closets, or at the very least, get them organized.

One thing you can do to get organized is put up shoe hangers in your doors, and store everyday items inside them such as cleaning supplies, utensils, or anything else that you can fit in them.

Another way to cut down on clutter is to use labels, or pick up storage bins to keep items like cords or wires in.

A tip for organizing your closet is to divide your clothes into four different sections: hang, sell, donate, keep, and fold. Once you have something marked out for every category, you can then organize your closet in any way you see fit. Here's an extra tip: you can use belt hangers to hang your necklaces and other jewelry.

I just thought this video would be useful for organizing your home, whether you're selling or if you just want to tidy up a bit.

If you need any assistance with staging, decluttering, or selling, please don't hesitate to contact me!

When Are Rates Going to Rise?

Hey there everybody, thanks for joining us. We are excited to be joined today by John Ragland Jr. with the Supreme Team at Supreme LendingHe is going to give us the ins and outs of interest rates right now in Atlanta. 

There has been a lot of talk lately about the month of September, which is when it is anticipated that the Fed will raise the federal funds rate. That won't necessarily impact rates directly, but as the economy and investors see the rate increasing, it will cause home loan rates to move up. Between now and September, rates will be moving up, we just aren't sure when.

For every 1% increase in rates, your affordability drops 10%. That's a huge drop in buying power for just a normal rate hike.

While there is much uncertainty surrounding interest rates, we do know one thing for sure. Rates are incredibly low right now and inventory is solid, so it's a great time to buy as well. Rates can't stay this low if our economy is to remain balanced, and they are going to move up soon, probably this year.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you!