First-Time Owners Stuck in Their Homes:
Decline in housing that began in 2008 has a powerful impact on families across the country. Many of those who are in their first home has solid leads to delay starting families, or even move employment opportunities."We do not see more equity, there is no more," said Washington State Realtor Teri Herrera.
According to Zillow since 2006, the median price of homes in the United States fell by 35 percent. He left millions of American homeowners underwater, an expression that means they have more than their house is worth. How is it bad? A study published in the basic logic 10900000 weeks last home mortgage loans in negative territory. A 2.4 million shares are less than 5 percent. Total holds 27.5 percent of mortgage owners negative or almost negative.
Many first-time buyers like Georgia Wall-Schoonover who is himself a real estate agent in Bellevue, Washington. She and her husband bought a two-bedroom apartment in 2006. The plan was to sell a few years to get something bigger, and start having children. Their houses are worth about half what they paid for it. "It means a delay of any growing family," Wall-Schoonover says, "everything we have in mind is not the case for some time."
Experts say the ripple effect that includes a slight increase in remodeling that people look for more living space in their existing home. There was also a fundamental shift in the way of looking at the starter home.
Traditionally, first-time buyers stay in this house between 3-5 years. Now being extended to 7-9 years is the median in a home for every buyer. Gone are the days when people can expect a strong appreciation. The forecasts point to a very slow growth in the coming years.
The first home is no longer a small house with 2 bedrooms. The new buyers are looking for something bigger, where they can stay for a decade or more. Tennis Pro Chad Smith of Woodinville, Washington is committed and wants a family home immediately. "If we want to be there 10 years, we want you to feel comfortable, we want to start a family," says Smith. "
Agents said the small house is much more difficult to sell now. Instead of young couples, buyers are usually professional singles and childless couples who are downsizing. At least there's good news.
National Association of Realtors reports on home sales in August rose 7.7 percent seasonally adjusted number of 5.03 million homes. Foreclosures continue to represent a significant portion of the sale, which keeps prices rising much.
Phil Harland, president of the Washington State Association of Realtors, is optimistic. "I think the notion of home start at the beginning of the property ladder are still intact," said Harland. "I think where we went wrong a little, we plan to short-term gain."
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| First-Time Owners Stuck in Their Homes |
Decline in housing that began in 2008 has a powerful impact on families across the country. Many of those who are in their first home has solid leads to delay starting families, or even move employment opportunities."We do not see more equity, there is no more," said Washington State Realtor Teri Herrera.
According to Zillow since 2006, the median price of homes in the United States fell by 35 percent. He left millions of American homeowners underwater, an expression that means they have more than their house is worth. How is it bad? A study published in the basic logic 10900000 weeks last home mortgage loans in negative territory. A 2.4 million shares are less than 5 percent. Total holds 27.5 percent of mortgage owners negative or almost negative.
Many first-time buyers like Georgia Wall-Schoonover who is himself a real estate agent in Bellevue, Washington. She and her husband bought a two-bedroom apartment in 2006. The plan was to sell a few years to get something bigger, and start having children. Their houses are worth about half what they paid for it. "It means a delay of any growing family," Wall-Schoonover says, "everything we have in mind is not the case for some time."
Experts say the ripple effect that includes a slight increase in remodeling that people look for more living space in their existing home. There was also a fundamental shift in the way of looking at the starter home.
Traditionally, first-time buyers stay in this house between 3-5 years. Now being extended to 7-9 years is the median in a home for every buyer. Gone are the days when people can expect a strong appreciation. The forecasts point to a very slow growth in the coming years.
The first home is no longer a small house with 2 bedrooms. The new buyers are looking for something bigger, where they can stay for a decade or more. Tennis Pro Chad Smith of Woodinville, Washington is committed and wants a family home immediately. "If we want to be there 10 years, we want you to feel comfortable, we want to start a family," says Smith. "
Agents said the small house is much more difficult to sell now. Instead of young couples, buyers are usually professional singles and childless couples who are downsizing. At least there's good news.
National Association of Realtors reports on home sales in August rose 7.7 percent seasonally adjusted number of 5.03 million homes. Foreclosures continue to represent a significant portion of the sale, which keeps prices rising much.
Phil Harland, president of the Washington State Association of Realtors, is optimistic. "I think the notion of home start at the beginning of the property ladder are still intact," said Harland. "I think where we went wrong a little, we plan to short-term gain."
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