CapitolaMONTEREY COUNTYRetirementSANTA CLARA COUNTYSanta Cruz CountyVacation Property April 19, 2021

Why This Is a Great Year to Sell Your Vacation Home

As vaccines are administered and travel resumes, many of us are beginning to plan for those long-awaited vacations we missed out on over the past year. Some households are focusing their efforts on buying a vacation home rather than staying in a hotel, too. The National Association of Home Builders (NAHB) reports:

Second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales.”

 

Lynne MacFarlane Homes - Silicon Valley to Monterey Bay

Capitola-by-the-sea

It’s not surprising that there’s an increase in demand for vacation homes. The majority of Americans are realizing they prefer to be around small groups, as shown in a recent survey from The Harris Poll:

“Social distancing taught consumers new things about how they like to socialize; (75%) said, ‘during COVID social distancing I realized I preferred smaller social gatherings at home or at friends’ place.’”

Not only are vacation homes seen as a potentially more pandemic-friendly way to travel and socialize, but they can also serve as an extended home-away-from-home. With more Americans being given the option to continue working remotely or retire earlier than expected, vacation homes can be used year-round. The NAHB explains:

“Remote work arrangements have made it possible for some wealthier Americans to move to alternate locations that are not just small, suburban shifts from within their current metro area.  More fundamentally, second home demand may also be benefitting by an acceleration of retirement plans, as well as stock market gains.”

Bottom Line

The demand for vacation homes has increased and will continue to rise as we head into summer. If you own a house in a destination area and have thought about selling, now is a great time to take advantage of today’s high buyer interest. Let’s connect to discuss your opportunities in our local market.

Call me or text me anytime!

(408) 800-1141

(831) 346-2743

 

Lynne Watanabe MacFarlane, MCDM, SRES Realtor

Intero | Berkshire Hathaway affiliate

PFAC Silicon Valley affiliate

Silicon Valley to Monterey Bay – We’ve got you covered!

www.lynnemacfarlane.com

LMACFARLANE@intero.com

“How much is my home worth” or https://sfbay.areahomevalues.net/

DRE#02066698

Building WealthBuyersHomeownersinvestorsReal EstateRetirement April 8, 2021

Homeownership Is Full of Financial Benefits

Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

  • 88% – a better chance of saving for retirement
  • 87% – the best investment plan
  • 85% – the chance to be better off financially
  • 85% – the chance to build up wealth

Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.

Does homeownership actually give you a better chance to build wealth?

No one can question a person’s unique feelings about the importance of homeownership. However, it’s fair to ask if the numbers justify homeownership as a financial asset.

Last fall, the Federal Reserve released the Survey of Consumer Finances, a report done every three years, with the latest edition covering through 2019. Their findings confirmed that homeownership is a clear financial benefit. The survey found that homeowners have forty times higher net worth than renters ($255,000 for homeowners compared to $6,300 for renters).

The difference in net worth between homeowners and renters has continued to grow. Here’s a graph showing the results of the last four Fed surveys:The above graph only includes data through 2019, but according to CoreLogic, the equity held by homeowners grew by $26,300 over the last twelve months alone. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.

Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a study by First American shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:Others may think homeowners are older and that’s why they have a greater net worth. However, a Joint Center for Housing Studies of Harvard University report on homeowners and renters over the age of 65 reveals:

“The ability to build equity puts homeowners far ahead of renters in terms of household wealth…the median owner age 65 and over had home equity of $143,500 and net wealth of $319,200. By comparison, the net wealth of the same-age renter was just $6,700.”

Homeowners 65 and older have 47.6 times greater net worth than renters.

Bottom Line

The idea of homeownership as a direct way to build your net worth has met the test of time. Let’s connect if you’re ready to take steps toward becoming a homeowner.

Keep calm - Let's find you a new home Lynne MacFarlane

Lynne MacFarlane, MCDM, SRES | Realtor

831-346-2743 text anytime

Lmacfarlane@intero.com

 

 

investorsReal EstateRenovationRetirementSANTA CLARA COUNTYSellers MarketTaxTax ReliefVideo October 21, 2020

Should You Buy A Retirement Home Sooner Rather Than Later? [video]

 

Should you buy a retirement home sooner

RelocationRetirementseniorstrends December 19, 2019

Moving into or out of the Bay Area?

Is it time to move to a bigger home across town or out of the city?

According to new census data more than 86,000 people left California for Texas, nearly 70,000 left for Arizona and about 55,000 left for Washington state.

INTERO RELOCATION SERVICES

Let Intero Real Estate Services handle all of the details of finding your new home. I’ll be a part of your team that will help with your relocation and make your transition as easy as possible. I will work with you one-on-one to make sure you land in the right neighborhood, price range and house style for your family—whether you want to buy, sell or rent.

 

 

Our relocation services include:

  • Area Orientations
  • Corporate Inventory Management
  • Group Moves
  • Home Purchase Assistance
  • Home Sale Assistance
  • Rental Assistance

You’ll be amazed by the world-class amenities the San Francisco Bay Area has to offer that include major league sports, museums, restaurants and art events. And coupled with a wide selection of properties and neighborhoods that I can help you choose from, my team and I can make the Bay Area a place you will love to call home!

Let’s get together and start your search today

If you are considering making a change, I can help you learn about your options and help with the transition.

Now’s the time to start planning.

Let’s discuss your move today and make it happen for 2020!

(831) 346-2743 

lmacfarlane@intero.com

 

Lynne MacFarlane Homes