From the white sands of Hawaii to the idyllic New England seaside, Americans flock to the beach for rest and relaxation. Median home prices in these towns are too expensive for most. But there are some equally charming US locales that boast being affordable beach towns.
SmartAsset, a financial information source, compiled a list of 25 budget-friendly beach cities. Granted, not all of these median prices are on the water. But if you don’t have to book a hotel or drive more than 20 miles to the water, you’re doing ok. Here are the top 10:
As Millenials “grow up”, the appeal of the suburbs is also growing.
The Pew Research Center, a think tank organization, defines “adult Millennials” as those who are 20 to 35 years old (born 1981–1996). A recent National Association of Realtors® (NAR) survey showed that just 17 percent purchased a home in an urban or city center area.
A whopping 48 percent of Millennials surveyed cited the desire to own a home as a reason for looking in the suburbs. Rising rents and home prices are pushing these young professionals farther from the city. Low inventory and fewer building projects of affordable housing in urban corridors has also contributed to the exodus, says CNBC’s Realty Check.
Millennials may start out renting in trendy urban areas, but the suburbs have an appeal they can’t deny. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out,” said NAR chief economist Lawrence Yun.
While Baby Boomers and Gen X’ers complained of credit card debt preventing down-payment savings, younger Millennials report high student loan debt as the cause. Edvisors reported that 2015 grads will be in debt a little over $35,000. Add to that their low median incomes (entry-level) ranging from $18,000 to $43,000 (by state), according to Business Insider.
This debt and student loan combo is resulting in an average of 6 years to save for a down payment. The average home purchase age is 30, with an median income of $77,400 (and still servicing student loan debt). Millennials with families cite the same reasons previous generations chose the suburbs: larger homes, land (bring on the chickens!), good schools and amenities.
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The Federal Open Market Committee (FOMC) led by Federal Reserve chairwoman Janet Yellen met Tuesday and Wednesday, March 15-16, to make its recommendation on fund rates.
After looking at the economy (and jobs in particular) in US and global markets, the board determined to “maintain the target range for the federal funds rate at 1/4 to 1/2 percent.” What does that mean for home buyers?
You don’t have to rely on lucky breaks to get clients. Successful agents are intentional and consistent, creating leads from ingenuity and resources at hand. Remember these 4 Keys to Agent Success and put them into action.
AGENT SUCCESS KEY 1
Ask for Referrals. This isn’t an imposition. You’ve already made a positive connection and provided great service. Your client will refer people to you, but you have to ask.
Let your clients know you work by referral. “___% of my clients are referrals”.
Give them specific ideas of who to refer. “Who do you know in your neighborhood, church, etc. who is thinking of selling or buying?”
Ask your service providers for referrals (appraisers, lenders, stagers).
“Referrals have a 90% or higher close rate,” says Rachel McNaughton, Redefy Training Specialist.