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Why You Want an Agent’s Advice for Your Move

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No matter how you slice it, buying or selling a home is a big decision.

And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Connect with a real estate professional so you have advice you can count on.

Read more at KeepingCurrentMatters.com

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‘If your parents are homeowners, you’re more likely to be a homeowner,’ housing expert says. Here’s why

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Several factors may affect your path toward homeownership — one may be your parents.

“If your parents are homeowners, you’re more likely to be a homeowner,” said Susan M. Wachter, a professor of real estate and finance at The Wharton School of the University of Pennsylvania.

Homeowner parents are more likely to directly assist their children with down payments through gifted money or loans, create multigenerational households to help young adults save money and even pass along firsthand knowledge of how to achieve homeownership, experts say.

The tendency follows a broader underlying phenomenon or “an intergenerational transmission of status,” said Dowell Myers, a professor at the University of Southern California’s Sol Price School of Public Policy.

“If your parents are more educated, you’re more educated. If a parent’s more educated and they have more money, then you have more money,” said Myers, whose research focuses on linking demographic data with housing trends.

‘The bank of mom and dad’ helps fund down payments

In 2023, about 23% of first-time buyers used a gift or a loan from friends or family for the down payment of their house, according to the National Association of Realtors.

Separately, Zillow’s chief economist Skylar Olsen said in August on CNBC’s “Last Call” that 40% of first-time homebuyers source money “from the bank of mom and dad” to make their down payments, up from one-third pre-pandemic.

“Some of that is hard-won savings,” she said. “The other part is, say, a gift from family and friends.”

“Intergenerational wealth is clearly associated with homeownership,” said Wachter. If a parent is a homeowner, they are more likely to assist with their kid’s down payment, she said.

In fact, a young adult’s homeownership rate increases with household income and the effect is compounded with the parent’s homeownership status, according to a 2018 report by the Urban Institute, an economic and social policy think tank based in Washington, D.C.

If your parent is not a homeowner, “then you are less likely to have intergenerational wealth or transferred gifts from your parent for a down payment, which has become quite important as down payments have increased,” she said.

Myers agreed: “As prices rise, down payments have to get bigger. No one can save up $100,000; that’s just not realistic.”

The lack of affordable housing keeps Gen Zers at home

Nearly a third, 31%, of adult Gen Zers, or those born in 1996 or later, live at home with their parents or a family member because they can’t afford to buy or rent their own place, a report by Intuit Credit Karma found.

The lack of affordable housing options is pushing young adults to live with their parents, and multigenerational living can help young people build savings to become homeowners, Wachter said.

But it’s harder for those with parents who are not homeowners: “Renter households are often precluded from bringing more people into their home. As a homeowner, you have more space, flexibility; you’re able to do so,” she said. “There’s this intergenerational propensity to be renters.”

Having homeowner parents is ‘like a 5 percentage point bonus’

Young adults with homeowner parents are more likely to become homeowners themselves because they can obtain more information about the mortgage application process directly from their parents, the Urban Institute found.

“Because the parents are so knowledgeable about homeownership, they’re more likely to encourage their kids to do it and show them how to do it,” Myers said. “It’s like a 5 percentage point bonus by having parents who are homeowners.”

Renter parents may express more “sour grapes” about the idea of owning a home, he said: “If they didn’t do it, they’re not going to talk it up.”

Cultural factors during someone’s upbringing can also influence their potential home buying and renting activity. “It’s a valid component,” Myers said.

If a young adult grew up with homeowner parents, they are more motivated to achieve the same status because they know the benefits firsthand.

Read more at CNBC.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Just Listed: Welcome home to your new 2 story home boasting city and mountain views from your deck!

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Welcome home to your new 2 story home boasting city and mountain views from your deck!

As you enter to the open floor plan you are greeted with natural light pouring in. This cozy living room with fireplace opens to your dining area and full kitchen, there's plenty of counter space and storage. Upstairs you will find the three bedrooms. A large primary bedroom with en-suite bathroom and walk-in closet as well as two more spacious bedrooms and additional bathroom. The oversized garage is plenty big for two vehicles and storage. From the garage go inside to your mud-room and main level laundry room. With new flooring in the kitchen, dining room and two bathrooms this home is ready to move in. This house is ready to for you to make it your home.

Listed by Gabe Martin for West + Main Homes. Please contact Gabe for current pricing + availability.

 
 
 

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970-275-1122
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Just Listed: 2 Bedroom Turnkey Townhouse with Upgrades & Ideal Location at The Vistas!

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2 Bedroom Turnkey Townhouse with Upgrades & Ideal Location at The Vistas!

Turnkey townhouse in the Vistas at Cherrywood. This property has 2 bedrooms with ensuite bathrooms. The laundry is located upstairs for your convenience. The open floor plan creates a spacious and inviting atmosphere; complemented by a cozy family room. Your kitchen features elegant quartz countertops throughout, large undermount sink and built in microwave. Marvelous location close to shopping and restaurants. HOA is working on front landscaping; new grass and shrubbery will be planted in the spring. The HOA re-leveled and replaced drains for proper water drainage.

Listed by Samantha Mortensen-Judkins for West + Main Homes. Please contact Samantha for current pricing + availability.

 
 
 

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720-425-7766
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Just Listed: A Cozy Haven in the Heart of Denver!

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Welcome to your adorable home in the North City Park neighborhood!

This two story house is the perfect place to relax, entertain, and enjoy all the things you love about living in Colorado! Grab a seat on your shady front porch with a cup of coffee and watch the sunrise, or cozy up by the fireplace and enjoy the falling snow just inside in your light + bright living room. The open floor plan creates a spacious flow throughout as you move from the living space, through the dining room, and into the kitchen. The second story primary suite is filled with windows, and features a large attached bathroom with double vanity and soaking tub. Host happy hour in your covered pergola out back, or take a quick trip over to the zoo, city park, and all that Denver has to offer. With quick access to I-25 and I-70, commuting is easy and your next adventure is never far. You’re going to LOVE living here!

Listed by Kari Ann Garriga for West + Main Homes. Please contact Kari Ann for current pricing + availability.

 
 
 

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West + Main Homes
(303) 935-8787
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Kari Ann Garriga
720-476-8181
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