Ellicott City, Featured Hot Listing, Owings Mills, Real Estate & Home

Open House Extravaganza – Sunday From the Whit Harvey Group

0 Written by: | Friday, Jul 14, 2017 10:00am

This weekend marks a buyer’s paradise, with a plethora of open houses. Read More →

Featured Hot Listing, Greenspring Valley, Real Estate & Home, Sponsored Post

1750 House Updated for Today’s Lifestyle

1 Written by: | Monday, Jul 10, 2017 10:00am

Imagine rocking on the front porch while you listen to rain pattering on the raised seam metal roof. Read More →

Ellicott City, Real Estate & Home, Sponsored Post

Featured Listing: This Meticulous Ellicott City Home is Move-In Ready

0 Written by: | Friday, Jul 07, 2017 1:00pm

All Foreclosures Are Not Created Equal

“That home is in foreclosure.” You get an immediate mental picture of an overgrown yard, and falling down house or angry owners who are resentful of the foreclosure and trash the property. Sure, this is true of some foreclosures but not all. Read More →

Ellicott City, Real Estate & Home, Sponsored Post

All Foreclosures Are Not Created Equal

0 Written by: | Tuesday, Jun 27, 2017 9:00am

“That home is in foreclosure.” You get an immediate mental picture of an overgrown yard, and falling down house or angry owners who are resentful of the foreclosure and trash the property. Sure, this is true of some foreclosures but not all. Read More →

Cross Keys, Real Estate & Home, Ruxton

Featured Listing: One-Level Living in Ruxton With a New Price!

0 Written by: | Friday, May 19, 2017 3:39pm

For more information on this home, contact the Whit Harvey Group at 443-286-5808 or visit their website at whitharveygroup.com.

Real Estate & Home, Sponsored Post

The Whit Harvey Group is SELLING Houses This Spring! Can They Help You?

0 Written by: | Thursday, May 11, 2017 9:30am

If you’re considering selling your home, contact the Whit Harvey Group today for a consultation.

Cross Keys, Real Estate & Home, Roland Park, Sponsored Post

If You’re Thinking of Selling Your Home in the Spring of 2017, Here’s Three Things You Should Know

0 Written by: | Tuesday, Dec 06, 2016 3:00pm

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Real Estate & Home, Sponsored Post

The Whit Harvey Group Presents Featured Properties Coming Soon!

0 Written by: | Thursday, Jan 15, 2015 4:15pm

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from the Whit Harvey Group Blog:

contractor1Construction Contracts: What to Know About Estimates vs. Bids

Understanding how contractors bill for services can help you keep costs down and your project on track. In this article from Houzz, Anne Higuera tells you how.

When planning a home remodeling or new construction project, one of the first things homeowners usually want to know is how much the work will cost. Part of asking about cost is not just defining what the work will be but also knowing what form you would like the contract to take — fixed price (also known as a bid) or time and materials (also known as cost plus or estimate of cost). Understanding the subtleties of these contract forms will help you decide which is right for you.  Click to read more.

Cockeysville, Featured Hot Listing, Real Estate & Home, Sponsored Post

Featured Listing: French Country Custom Home in Cockeysville

0 Written by: | Friday, Nov 14, 2014 9:30am

 

 OPEN HOUSE

Sunday, November 16th 11:30 – 1pm

 

Featured Listing:  716 Weil Mandel Way, Cockeysville

4 BR, 3.5 BA + 3 Car Garage & Pool

List Price:  $1,000,000

1329211_2 Read More →

Hunt Valley, Real Estate & Home, Ruxton, Sponsored Post

The Whit Harvey Group Has a Home That’s Just Your Size

0 Written by: | Thursday, Sep 11, 2014 12:00pm

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from the Whit Harvey Group Blog:

roommates

By Emily Heffter for Zillow, August 13, 2014

Sean Gibbons, 28, has a college degree and makes $65,000 a year as a contract worker for Microsoft.

At his age and income, economists might expect him to buy a house of his own, or at least a condo. Instead, Gibbons is paying about $600 a month in rent to live with nine roommates in a house on Capitol Hill, one of Seattle’s most walkable urban neighborhoods.

“The thought of purchasing a home hasn’t crossed my mind,” he said. “I don’t see myself settling down. … I just have other things that I care more about, like my social life. It’s a time-consuming thing, and if you want to be a homeowner you really have to be knowledgeable about those things, and there’s a fear of making the wrong decision.”

So many people are interested in living there that the group has an occasional “open house” to select new roommates from among applicants.

Gibbons is contributing to a dramatic drop in homeownership rates. Economists say young adults in the millennial generation born in the 1980s and ’90s are reaching home-buying age and deciding, in many cases, not to buy a home.
Delayed homeownership

In the house Sean Gibbons and his millennial-age roommates live in, there are three refrigerators, a chore rotation and a strict prohibition on leaving dishes in the sink.

Historically, 43 percent of home purchases were first-time buyers, but now that number is just 30 percent. Meanwhile, the percentage of 24- to 33-year-olds who rent is on the rise, from 47 percent in 2008 to more than 51 percent in 2012.

Economists say the generation staying out of the game is slowing down the housing market’s return.

A majority of more than 100 economists nationwide recently surveyed by Zillow said they expected the homeownership rate in five years to be lower than the current rate of 64.7 percent. The national homeownership rate peaked at 69.2 percent in 2004, just as the housing market was beginning to overheat prior to the Great Recession.

The homeownership rate falling will have ripple effects — both positive and negative — on the economy.

“Millennials will have enormous influence in coming years, especially as they hold off on getting married and having children, the two biggest reasons for first-time home purchases,” said Zillow Chief Economist Dr. Stan Humphries.

Shifting priorities

Millennials have a variety of reasons for staying out of the housing market. Many of them graduated from college in the middle of the recession and got a slow start on their careers. They may be paying off student loans. In general, they’re waiting longer to get married and have kids.

They have also seen firsthand the risk involved with such a big investment. Jesse Bowen of Atlanta bought an apartment in 2005, taking what he thought was a customary next step after graduating from college and getting his first job.

When he decided to move to another city, the market had worsened, and he chose to rent his place out rather than sell it at a loss.

Now Bowen is married, with a 3-year-old and a baby on the way. He and his wife are thinking of buying in the next three years, but they are wary.

“I think a lot of millennials that came through the economic downturn basically saw people invest heavily into houses, and then in a matter of months it just evaporated,” he said. “I think that scared a lot of people. A lot of people I’ve talked to have said it’s not as important for them to purchase property as it may have been for our parents.”

Bucking the trend

Of course, it sometimes turns out well.

Thomas Eyler, 28, got lucky when he stumbled on a short-sale condo near downtown Seattle 2.5 years ago. As rents have risen, he has found that he is paying less per month than his friends who are still renting.

Plus, he figures he has picked up about $100,000 in equity. He is not worried about flexibility, because he says if he wanted to move, he could rent his 1-bedroom condo for more than he pays for it.

“I plan on keeping it forever,” he said.

If you’re a millennial bucking the trend, check out our penthouse listing in Cross Keys! Great views with an easy commute to downtown or Hunt Valley.

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