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If home ownership is one of your new year goals, you may wonder how to separate homebuying fact from fiction. Although Millennials may have uncertainty, homeownership remains a top priority. This recent article by First Republic Bank seeks to clear up the misconceptions and provide a compelling look at why now may be the best time buy a new home.
A house is a big financial commitment. There’s a down payment, mortgage payments, and less obvious costs: insurance, upkeep, realtor and HOA fees.
These costs are currently exacerbated by a shortage of starter houses in major metropolitan areas, where employment for young people is increasingly concentrated. In 2016, starter houses comprised only 22% of new single-family homes, compared with 33% on average from 1999 to 2007, according to Harvard University’s Joint Center for Housing Studies.
And yet, even as urbanization foreseeably continues, home buying isn’t out of reach for young people. Even in cities like New York, DC, and Boston, median housing expenses (mortgage and other costs) account for less than 30% of median incomes. Today’s interest rates are historically low: about 4.7%, versus 8% in 2000 and over 16% in 1981-82, when affordability was unprecedentedly bad.
Let’s break out real figures: For a house valued at $750,000, with a down payment of 20% and a 30-year fixed-rate mortgage at a 4.7% rate, you’ll pay about $3,400 monthly. The Federal Reserve Bank has signaled rates will rise again, though they will remain attractive. Same scenario, but with a 5.7% rate and you’ll pay about $3,780 monthly—still below rent for equivalent properties in most major cities.
The bigger affordability challenge is upfront costs—particularly down payments. Contrary to stereotypes, millennials mostly bootstrap their own down payments, with 58% having saved and 24% getting money from the sale of a previous home. Only 21% got a down payment as a gift from family or friends. Saving for a down payment isn’t easy, but it’s far from impossible with sound financial planning and smart concessions on location and home size. In fact, millennials show all signs of following previous generations’ home buying path, just a little bit delayed.
Millennials came of age in a rare moment of history. The housing market bubble grew and burst. In December 2008, the Case-Shiller Home Price Index reported its largest price drop in its history. The crash was a reality check for lenders, and a deterrent for young people who lost faith in home investment. But in just a few short years, home values have largely climbed back up. Even during volatile aberrations, home values remain smart long-term investments.
A house is a special asset—it can’t move, you can’t break it up to sell a small piece, and its value depends not only on how well you take care of it but also on the prosperity of the greater community. Such characteristics can influence prices, especially when a seller is in a hurry. Usually, though, sellers are loath to lower the price, even in the face of weak demand. This makes prices “sticky” because sellers would rather stay put—if they have the choice—and wait for prices to bounce back.
Continue reading the full article via Quartz
Fresno, Calif. – February 2019 – Lennar Central Valley is excited to announce that the models from their elite Savannah Series are coming soon to the Sterling Acres community in Fresno. Their Skye Series is also offered at this community, where those models are now open.
“We can’t wait to unveil these model homes to the public and prospective home shoppers this summer,” said Susan Wilke, Vice President of Sales and Marketing for Lennar Central Valley. “These gorgeous homes showcase southern-inspired interiors that will charm your socks off!”
The Savannah Series at Sterling Acres offers four distinctive floorplans that range in size from approximately 1,450 to 2,223 square feet of beautiful living space. These homes offer two to four bedrooms, two to two and one-half bathrooms and two-bay garages, along with bright white modern kitchens, open living areas and luxurious master suites.
The Skye Series at Sterling Acres offers four more additional floorplans for home shoppers to choose from. With eight floorplans in total, it’s easy for homebuyers at every stage of life to find the home and layout that best fits their needs.
Every home at Sterling Acres comes complete with Lennar’s signature Everything’s Included® program. The program fills every new home with today’s most popular features and upgrades at no additional cost, including granite or quartz countertops, stainless steel appliances, and integrated home automation.
Home shoppers can view floorplans and renderings of the Savannah Series, HERE. The Savannah Series models are scheduled to open in March 2019.If you are interested in touring the Skye Series models be sure to visit the Skye Welcome Home center, located on Armstrong and Dakota Avenue
Visit www.lennar.com/fresno or call (559) 554-1147 to get more information on our Savannah Series and Skye Series at Sterling Acers
About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar’s homes and others. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about Lennar may be obtained at the “Investor Relations” section of Lennar’s website, www.lennar.com.
Madera, Calif. – February 2019 – Lennar is thrilled to announce the model homes from the Chateau Series of home designs is coming to Riverstone in Madera. These homes provide a great opportunity for families looking to purchase a new home in a country-like setting with easy access to major cities. Riverstone, located off of Avenue 12 and Highway 41, offers homeowners access to great amenities and an overall well-balanced lifestyle.
“We are very excited about the upcoming models from the Chateau Series at Riverstone,” said Susan Wilke, Vice President of Sales and Marketing for Central Valley. “These floorplans were designed for the way busy families live today, and we can’t wait to unveil them soon in the spring.”
The Chateau Series at Riverstone offers four distinctive home designs, with a fifth coming later this year, that vary in size from approximately 1,787- 2,798 square feet, three to four bedroom, two to three and a half bath and two to three bay garage.
Lennar’s revolutionary Next Gen® – The Home Within A Home® design will be offered as part of the Chateau Series, in the Camelot floorplan. Designed for multigenerational families, these homes contain an attached private suite with its own separate entrance, living room, kitchenette, bathroom, bedroom and laundry area.
Every new Lennar home at Riverstone comes with added value through the homebuilder’s signature Everything’s Included® program, which provides custom-like features at no additional cost for homebuyers. These include items such as quartz or granite kitchen countertops, stainless steel appliances and the latest in home automation!
Lennar’s new Wi-Fi CERTIFIED™ Home Design ensures you can enjoy the benefits of home automation without struggling from interrupted Wi-Fi coverage. Wireless access points are mapped out and then built into the home that pair with commercial-strength Wi-Fi from Ruckus to provide strong and consistent internet access in every room.
Riverstone homeowners will also get to enjoy access to community amenities, located just steps outside their new front door. At Riverstone, future amenities include five neighborhood parks, playgrounds, picnic and barbecue areas, a floral cutting garden and an upscale clubhouse with swimming pool.
The Chateau Series is now selling at Riverstone and the model homes are slated to open early March. Follow our Lennar Central Valley Facebook page to stay connected on grand opening information and community activity. Our Welcome Home Centers are open seven days a week so be sure to contact a New Home Consultant and learn more by visiting www.lennar.com/fresno.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of Lennar’s homes and others. Lennar’s Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about Lennar may be obtained at the “Investor Relations” section of Lennar’s website, www.lennar.com.
The wait is over! Join Lennar Saturday, March 2nd from 2PM to 4PM for the highly-anticipated Grand Opening of Lennar Raleigh’s newest Apex community, Buckhorn Preserve. Interested homebuyers and their families are invited to tour Buckhorn Preserves three new model homes and learn more about the neighborhoods features and resort-style amenities. Enjoy conversation with neighbors, local food trucks, kid’s activities and more.
A vibrant, growing community for every generation, Buckhorn Preserve showcases expertly designed single-family homes and two new collections of innovative ranch plans in a highly sought-after Apex location. The tranquil setting is just minutes away from the area’s best shopping and dining and a short drive to downtown Raleigh. Amenities designed for all ages create the perfect place to enjoy life, get to know the neighbors and feature recreation opportunities that are favorites among residents.
Resort-Style Amenities
Luxurious amenities are underway and coming soon; featuring two saltwater pools and an elegant clubhouse with family and adult gathering spaces, a fitness room and covered porches that are sure to make you fall in love with this community.
With Lennar, Everything’s Included®, so you receive the most popular features and modern additions right from the start. We’ve ensured that your home is more inclusive, connected and elegant than ever.
Tour our new Model Homes
Luxurious and spacious, one-story, 2,711-square-foot ranch plan, the Porter offers an open floorplan and includes three-bedrooms, three-baths, a stylish designer kitchen that opens to the great room and breakfast nook, screened porch and a first-floor owner’s suite with a spacious bath that leads to the laundry room for additional convenience. Options to personalize the Porter include a fireplace, patio or deck, luxury owner’s bath, second floor with a bonus room, fourth bedroom and bath, and more.
Creatively designed, one-story, 2,090-square-foot ranch plan, the Ansley offers open-space living and includes two-bedrooms, two-baths, a stylish open kitchen opening to the great room and breakfast area, a spacious first-floor study, covered porch and a first-floor owner’s suite for additional convenience. Options to personalize the Ansley include a screened porch, luxury owner’s bath, second floor with a bonus room, third bedroom and bath, and more.
Expertly crafted, two-story, 2,563-square-foot single-family plan, the Someret offers two-bedrooms, three-baths, a two-story foyer leading to a stylish open kitchen with dining space opening to the great room; a large first-floor study and covered porch. On the second floor you will find a loft that is perfect for entertainment, additional bedrooms and owner’s suite with a huge walk-in closet. Options to personalize the Somerset include a guest suite in lieu of the study, luxury owner’s bath, third floor with a game room and more.
The Apex of Living
Picturesque waterscapes and rolling hills lie inside Buckhorn Preserve, complementing the wooded North Carolina landscape. Meanwhile, modern and sophisticated home designs line the tranquil streets, elevating how you define home. Our community sits in the heart of the Triangle, offering easy access to countless dining, shopping and cultural opportunities.
For more information on Buckhorn Preserve and to RSVP call 919-429-1120
1954 Rothesay Drive Apex, NC 27502 | 919-429-1120
