Many Millenials believe that they will never be able to afford to buy a home. Do you agree? What advice do you have for Millenials and Gen Z homebuyers? 

Silvina Andrews - In the Bahamas, the real estate market is booming. Private sellers and developers are moving their inventory like never before. The Bahamas is beautifully positioned as a close neighbor to the east coast of the US and also has many direct flights to major cities all over the world. There are many incentives for residents choosing a permanent residence or second home in the Bahamas. I would advise prospective buyers to move quickly as inventory is barely keeping up with the demand.

Tim Fenton of Blue Zone Realty International, - The market in Costa Rica has never been hotter than it has been this year. In fact, our sales are nearly 4 times greater than the previous year. My advice to those looking to buy in Costa Rica is to get in touch with one of our award-winning agents today and provide them with your wish list. Do not wait for new listings to appear on the website, or it may be too late. With the list in hand, our agents will set alerts for new listings, and get in touch with you immediately with an overview of the property, and we can schedule a virtual visit for you from the comfort of your home. There has never been a better time to live your best life, in Costa Rica. 

Darlene Streit - It is a challenging time right now with low inventory, and with Millennials and Gen Z home buyers competing for the same smaller homes with new retirees who want to downsize. The demand is unprecedented, especially given that so many people are moving and also looking to buy. But the market is cyclical, and as we've seen with Covid, things can change unexpectedly. I would advise younger buyers to continue saving up their down payments and get pre-qualified so that they can move quickly when properties become available. With low mortgage rates, homeownership is still an excellent way to build wealth and is less expensive than renting in many cases. Also, now that so many people are able to work from home, Millennials and Gen Z home buyers have the advantage of relocating to smaller cities and towns, where there may be more affordable options. The landscape is changing, and today's smaller locales may become the next hot, upcoming place to live.

Daniel L. Maya - Yes 100%. I would say find 2 or 3 subdivisions that you want to move to and find the sub-divisions that have the highest turnover rate which may give you the biggest bargaining power. I would also say look for homes that have been in the market for a long time and try to sell if priced too high. Then use this data to sell if your realtor can use this as a good negotiating point.

Tom Day, Day Palazola Group - I have been a realtor for over 32 years and I have heard this many times. The market always seems to change to make it possible for young people to buy a home. I have experienced interest rates over 15% and we are not even close to that. Young people were still able to buy homes then and eventually refinance. Cutting out the new buyer market in the real estate and building industries would have an incredibly negative effect on our economy. We as Americans always seem to rise to new heights and I am sure that will happen again.

Amy Land-de Wilde - It was not as frequently that we saw Millennials and Gen-Zers purchasing property in US Virgin Islands who come from the states. However, lately with the increase of employers transitioning to remote working positions and closing their brick and mortar operations, we have seen a huge uptick in younger buyers setting their sights on the US Virgin Islands, specifically on St. Croix where the dollar goes further than on other Caribbean islands. What was once a dream that many believed was only available to second-home buyers or buyers heading into retirement, has become a possibility for younger generations who still need to work. Additionally, many individuals in these two generations are dabbling in investing from stocks to real estate, specifically vacation-rental properties, and what better place than St. Croix, in the US Virgin Islands!?

Combining their remote job positions with investing in vacation rentals in the US Virgin Islands, gives these Millennials and Gen-Zers the possibility to be nomadic while keeping a steady job with good income and making a profit or offsetting their expenses on a beautiful property in the Caribbean.

My advice, get started! Start looking, researching, and hiring a Realtor. It’s easier than you think to purchase a property and having a great Realtor is the key, especially if you are searching for a property out of state, or in our case, on an island! Since we are a US territory, we benefit from the low US interest rates and government programs such as VA and FHA on some properties, making the down payment little to none and making it easier and less costly to purchase.

Keep in mind that if you intend on purchasing a property as an investment you should budget for at least 25% down. Determine how you would like to finance your purchase and if you need to get a mortgage, then have your Realtor put you in contact with some local lenders. This should be one of the first steps along with hiring your Realtor so you know what steps you need to take beforehand to ensure you qualify and for how much so you can focus your search within your price bracket.

It starts with a dream, but it can be more than that! Give us a call!

Steve Nassar - No, I definitely don’t believe this to be true for Millennials or Gen Z, or for any other generations for that matter. I do understand the concern as they’ve seen home prices continue to rise throughout their lifetime – even more so with how rapidly they’ve increased in the last couple of years – but like with anything else, this is a constant ebb and flow. What goes up must come down again – and where that doesn’t take effect, there’s an all-too-often forgotten balance that comes from a comparable increase in salaries and income as they advance in their careers. For this reason and others, I see it as more of a fear of the unknown. My team and I sell hundreds of homes each year and help homebuyers (and sellers!) of all ages – there is truly no obstacle too great if one has the right level of determination.

My advice for our younger generations would be this: homebuying is no more out of reach for you than it has been for any generation that preceded you. Michael Jordan once said, “Some people want it to happen, some wish it would happen, others make it happen.” Work hard, save your money, set goals, and constantly work toward them. You’ll be living the dream of homeownership in due time.

Adam Betta, DiMaggio & Betta Group - The idea that the Millennial and GenZ demographic are being priced out of the housing market is a fallacy. It's the same idea that this demographic spends all their money at Starbucks. While housing prices have surged in the past few years that appreciation can be attributed to low inventory. One aspect to consider is the boomer demographic and the multiple residential properties they own. These homes will be a flood of inventory in the near future as they sell their primary residence, second and third homes, and investment properties. Millennial and GenZ potential homeowners need to consider how they can start to build wealth by buying real estate. There are low down-payment loans available, gift money from parents, and combining resources with other potential buyers. Like all buyers, they will need to consider size, price, and location. Maybe a smaller starter home or multi-unit building or a different location than where they currently reside. Find a qualified real estate agent who knows the market, be willing to make some improvements, and work your way up. Whether that means purchasing a small condominium or a small home, the goal is to just get into the market. 

Abigail Davis, Corcoran Reverie - 'Live who you are' is not restricted to any specific age group, and Millennials need to know! Being within this age group myself, it is beyond rewarding to assist these individuals in their home buying process. My best advice is to begin by speaking with Realtor® in your area. They will connect you with local lenders that can give you an idea of available loan options for you, what your budget/savings will need to look like, and prepare you for the process. Then, get pre-approved! Learn what homes you can fall in love with and get an idea of what you may want to put down on the home. Then re-evaluate your budget/savings, maybe this means less eating out so you can invest in your future but it is beyond worth it!

Elise Larrabure Girasole - Taking into consideration the cost of monthly rent and with interest rates still low the math makes sense to purchase a home.

We're definitely seeing this happening in NYC with the average monthly rental being around $5,000.00 and a shortage of rentals, Millenials have figured it out and are purchasing before inflation, and interest rates will most likely increase. So much nicer to establish roots and make your home your own "home sweet home".

Nick Salter, Salter Group - I think many people look at the price tags and make the assumption it's unattainable without exploring all of their options. In reality, housing is still very affordable for most Americans. This directly correlates with the drive in the increase of home prices. The National Association of Realtors affordability index takes three key metrics- home prices, mortgage rates, and wages- and boils them down into a single number. This number tells us if the "average joe" can afford a home. When this affordability number drops too low, it means the average American cannot afford to buy. That often forewarns a housing bust. Affordability has dipped from generational highs in the past few years. Forbes recently reported this number is still well above the 30-year average. Writing this as a millennial, I don't think it is going to be impossible for our age groups to afford to buy a home. If it is a goal of yours, get in touch with a professional who can assist with making a plan of action. Start saving and keep watch for changes in interest rates.

The post Haute Residence Experts Give Advice To The Next Generation Of Homeowners appeared first on Haute Residence by Haute Living.

Interior design just got a whole lot better, The Expert is an innovative company that connects anyone with top interior designers. Designers from all over the world are connected with potential clients through video consultations via Zoom. The Expert eliminates barriers to interior design, such as the need for a high budget, a need for a full-service requirement to gain access to personalized advice, and guidance and support from an expert designer.

The Expert is designed for anyone in need of advice from top-tier interior design experts. Interior designers connected through the platform are also available for bigger, long-term projects.

“Whether you’re looking for an expert’s eye to help you conceptualize your space from scratch or seeking a second opinion to help guide your own efforts, our Experts are here to support you,” stated on The Expert website.

During the video consultations, interior designers will offer guidance, support, and advice. The consultations are designed to help those seeking advice, questions, and want to put the space together. Additionally, clients can determine and select a designer for a full-service project.

“We derive more value from getting the hard questions answered by a top Expert and then proceeding to execute that knowledge to achieve their design objectives,” stated on The Expert website.

The Experts are selected to showcase every style and need. The designers demonstrate high-end style, aesthetics, and leadership. Expert profiles with portfolios, rates, and offerings are on The Expert’s website.

People can cancel or reschedule their video consultation up to 72 hours before their appointment for a full refund.

To book a video consultation or for more information visit The Expert website.

The post The Expert: A Digital Marketplace For Interior Designers appeared first on Haute Residence by Haute Living.

When clients come to you with an idea of what they want, how do you help them refine their criteria prior to finding a match?

When buyer clients come to me for assistance in purchasing a home I first send them a packet of information about the current marketplace, my role for them and what they should expect during the process. I also have them fill out a questionnaire that gives me some insights on what are important features for them. Is it more important for them to have a lot or to a community with water-access? Do they have to have riparian waterfront or are they ok with non-riparian waterfront or water-view homes? Then I have the clients meet me in the office for a consultation before we go to see properties. We discuss the materials I’ve already given them, discuss their questionnaire and I try to get to know them better and allow them to ask me any questions they may have. Lastly, as we are looking at properties I continue to ask questions about what they like about the houses we’re seeing and what they don’t like about the houses were seeing, so I can narrow down exactly what will make them happy!

What is the most important thing you look for when purchasing a home for yourself?

When purchasing a home for myself I currently look for location, proximity to the schools I like for my children, style, condition and a realistic seller!!

If you had to choose one piece of advice for first-time home buyers, what would it be?

I would advise first-time home buyers to make sure that they contact a competent lender that can fully explain the process to them and help them get a real grasp of what they can truly afford. I never want any of my clients to have to call me to list their house for them because they can’t afford the mortgage.

If you were not selling real estate, where would you be today?

I’m not sure…I have a true personal pride in what I do and I haven’t felt that in any other career I’ve been in, in the past!

What would you say is your most proud accomplishment as a real estate agent so far?

I have a lot of proud accomplishments, many of which are related to my clients into the house of their dreams or helping someone sell a house that really has a major impact on their lives. Professionally I’ve accomplished a lot of recognition; Top agent in my office, Top 100 Agent for Coldwell Banker, Top 2% for NRT, Top 100 for AA County, Master’s Club Member, President’s Circle Member, Certified Previews Specialist and Certified Negotiations Specialist.

What property do you currently have listed that you would like more people to see? 

Conquest Manor
“A Premiere Chesapeake Bay Waterfront Estate”

Enjoy Gracious Living on Maryland’s Easter Shore
Breathtaking, Private, Inviting…Absolutely Gorgeous

Every day is a vacation at Conquest Manor. Restful days spent lounging by the pool or strolling along the sandy beach…within close proximity to 3 international airports, Washington, D.C., Annapolis, Baltimore and Philadelphia. The estate encompasses 30 acres and 1,000ft of waterfront along the Chesapeake Bay. The 14,000sf main house features 5 bedrooms, 5 full baths, 3 half baths, 3 car garage, inviting family spaces and extraordinary entertaining spaces including a theatre with a balcony and a “club room” with full bar, dance area and stage. The finishes throughout this custom built house exude luxury, yet with a feel of a home you can live in every day.

The estate also boasts a pool, pool house, 6,200+sf guest-quarters and car showroom (could be converted to a barn with stable or a gym), pond, gated entrance, sandy beach, pier with boat lift and two jet ski lifts, breathtaking views, fire pit, porte-cochere and a national award winning home automation system. Visit www.ConquestManor.com    $9,800,000

The post The Home Buying Experience: Expert Tips From Maryland Realtor Carol Snyder appeared first on Haute Residence by Haute Living.