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You want a real estate revolution? According to realtor.com, next year, more than half of all homes will be bought by first-time home buyers. It’s a huge shift from 2016. And here’s the kicker: Most of those newbies will be millennials.

millenial home buyers - norrisnwhomes

Get ready for a new-look housing market.

Each year, realtor.com®  does an annual survey of home shoppers to get to the heart of home-buying trends. And what we found this year is a true sea change in the buying population that will affect which homes and neighborhoods are the most desirable in 2017.

In sharp contrast with 2016, when only 33% of people planning to buy a home were first-time buyers, 52% of buyers with their eye on a home purchase next year will be first-timers. And 61% of those are under age 35.

“This represents an ‘Oh, shift’ moment in housing,” says Jonathan Smoke, chief economist for realtor.com®. “With so many first-time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers.”

What motivates—and scares—millennial buyers

Although a shortage of homes for sale will continue to dog the market, first-time buyers are more worried about financial issues, according to the survey. Topping the list: coming up with a down payment (37%) and finding a home within their budget (30%). With all the emphasis on financial issues, millennial buyers want to make sure that their money is well spent: Making a sound financial investment is a top goal.

This new generation of first-time home buyers is focused on safety, privacy, and more space, indoors and out. That’s because millennials’ top reasons for buying a home are that they’re getting married or moving in with a partner, growing tired of their current living space, or planning a lil’ addition to the family. Or perhaps all three!

So it’s no wonder that millennial buyers prefer single-family homes (39%) or townhomes (34%). Just 15% are interested in multifamily homes, and 10% in condos.

Suburbs appeal to millennials and boomers alike

So, let’s see, where can you buy a big house with a yard in a safe neighborhood? You probably guessed it: the suburbs! First-time home buyers identify the suburbs as their No. 1 preferred location (43%). In fact, so do 50% of all respondents.

“The majority of home-owning Americans live in the suburbs, so the popularity of the suburbs isn’t a new phenomenon,” comments Smoke. “But the increasing preference by millennials represents a shift from the more urban locations where many of them have been renting.”

But that doesn’t mean our cities are going to empty out: Those urban areas are the second most popular option among millennials.

Meanwhile, baby boomers are also keen on the suburbs—either because they already live there and want to remain close to friends and family, or because they’re moving to another suburb where their adult children (and probably grandchildren) live.

Read the full story here >>>

Four years ago Edvard Munch was crowned the most expensive artist at auction. Fast forward to today and the Norwegian painter will take center stage again in NYC next month.

It’s estimated that Munch’s 1902 canvas “Girls on the Bridge” is worth more than $50 million! The artwork, showing a group of women in long colorful dresses, will lead Sotheby’s evening sale of Impressionist and modern art on November 14th.

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The painting was first brought into the U.S. by industrialist and collector Norton Simon in the 1960s, Sotheby’s said. It has been included in museum exhibitions, including London’s Tate Modern and New York’s Guggenheim, according to Sotheby’s. It is consigned by an anonymous collector who purchased the work for $30.8 million at Sotheby’s in 2008. The company guaranteed the seller an undisclosed minimum price and found a third-party backer who agreed to place an irrevocable bid, ensuring the work sells.

Sotheby’s evening sale has 43 lots, targeting more than $145.8 million, the company said. That’s a 52 percent decline from the result of the similar auction a year ago when just two paintings from the collection of billionaire William Koch tallied $101 million.

“There’s an appetite to buy but not many people wanting to sell,” said Shaw.

The season’s line-up was impacted by the lack of significant estate sales, he said. Discretionary sellers are affected by the uncertainty over U.S. presidential election, U.K.’s Brexit vote and oil prices, he said.

The top lot at rival Christie’s Impressionist and modern art sale is Claude Monet’s painting of a haystack, estimated at about $45 million.

Sotheby’s will also offer Pablo Picasso’s 1963 painting, “Le Peintre et son modele” that has been in the same collection since 1968 and is estimated at $12 million to $18 million.