First Time Buyers: Bright Side of Slumping Real Estate Prices
First Time Buyers: Bright Side of Slumping Real Estate Prices
If the real estate market becomes more realistically priced, is that really a bad thing?
NAR’s Housing Affordability Index (which measures the relationship between home prices, mortgage interest rates and family income) rose 10.9% in December 2008 to its highest level since tracking began in 1970.
In other words, more people can afford to buy homes now than in the last 39 years!
First-time buyers currently make up a full 41% of all buyers in the United States, and with the rising Housing Affordability Index, this percentage will probably grow. These first-time home buyers often have the strongest emotional response to homes that have been staged because they’ve never had the experience of buying a home before. Stagers help them see the home in its best light and help them imagine themselves living there.
Canada, with a total population of just over 33 million, is a much smaller real estate market. It has not experienced the same turmoil as the United States because of much stricter banking and lending laws. However, the Canadian real estate market has declined both in the total number of home sales and in average prices.
According to The Canadian Real Estate Association (CREA), national MLS home sales fell 17% in 2008 and are expected to fall an additional 16.9% to 360,900 units in 2009. They project a rebound in 2010 with total national home sales increasing 10% to 396,600 units. CREA President Calvin Lindberg says, “The essential selling ingredients in today’s market are realistic pricing, marketing, and preparation.”
Preparation = Home Staging!
First Time Buyers Bright Side of Slumping Real Estate Prices - To learn more about this author, visit Staging Diva's Website.
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Part of the reason for the current foreclosure situation is that people were buying homes they just couldn’t afford. This was due in no small part to the fact that home prices were increasing at unprecedented rates, and salaries could in no way keep up with these inflated prices.
If the real estate market becomes more realistically priced, is that really a bad thing?
NAR’s Housing Affordability Index (which measures the relationship between home prices, mortgage interest rates and family income) rose 10.9% in December 2008 to its highest level since tracking began in 1970.
In other words, more people can afford to buy homes now than in the last 39 years!
First-time buyers currently make up a full 41% of all buyers in the United States, and with the rising Housing Affordability Index, this percentage will probably grow. These first-time home buyers often have the strongest emotional response to homes that have been staged because they’ve never had the experience of buying a home before. Stagers help them see the home in its best light and help them imagine themselves living there.
Canada, with a total population of just over 33 million, is a much smaller real estate market. It has not experienced the same turmoil as the United States because of much stricter banking and lending laws. However, the Canadian real estate market has declined both in the total number of home sales and in average prices.
According to The Canadian Real Estate Association (CREA), national MLS home sales fell 17% in 2008 and are expected to fall an additional 16.9% to 360,900 units in 2009. They project a rebound in 2010 with total national home sales increasing 10% to 396,600 units. CREA President Calvin Lindberg says, “The essential selling ingredients in today’s market are realistic pricing, marketing, and preparation.”
Preparation = Home Staging!
First Time Buyers Bright Side of Slumping Real Estate Prices - To learn more about this author, visit Staging Diva's Website.
Like this article? Share it with your friends
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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