NAR releases Profile of Home Buyers
Houses are selling fast. Millennials are in their prime home-buying years. And there’s a severe drought in housing supply in much of the country. Those are some of the trends identified by the National Association of Realtors in its 2017 “Profile of Home Buyers and Sellers.”
Among the findings:
• The number of weeks on market dropped to an all-time low of 3 weeks;
• Age for first-time buyers remains flat, but the age of repeat buyers continues to climb—now at an all-time high of 54;
• Married couples continue at 3-year decline, while single females increased for the 3rd year;
• The median purchase price was $235,000.
Read the NAR’s full report here.
“The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages, which undercut their ability to become homeowners,” said Lawrence Yun, NAR chief economist. “With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home. Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers.”
There’s also the challenge of consumer debt – specifically in the form of student loans.
Here are the number: 41% of first-time buyers indicated they have student debt (40 % in 2016). The typical debt balance also increased ($29,000 from $26,000 in 2016), and over half owe at least $25,000. Additionally, of the 25% who said saving for a down payment was the most difficult task in the buying process, 55% said student debt delayed saving for their home purchase.
Derby appoints western regional sales manager
Derby Building Products, manufacturer of the Tando and Novik brands of exterior cladding products, has appointed Michael Caputo as western regional sales manager.
A resident of Laguna Hills, Calif., Caputo will oversee the expansion of Tando and Novik brands of shake and stone and help support distributors and dealers in the western region, the Quebec City, Quebec-based company said.
Caputo has 18 years of sales experience in the building products market and has served as senior director of channel sales for Ares Corp, and had management roles with Louisiana Pacific, CPG (AZEK and TimberTech) and Ward Manufacturing/Hitachi. He will report to Mitch Cox, senior vice president of sales.
“As we continue to invest in our people and innovative brands, we are setting the stage for accelerating our growth for our distributors, dealers and installers,” said Ralph Bruno, president of Derby Building Products. “Mike is an excellent choice to help us lead the Tando and Novik brands into the Western Region.”
NAHB opposes Republican tax plan
The National Association of Home Builders announced its opposition to the tax plan written up by Republican members of the House Ways and Means Committee.
A statement from the National Association of Home Builders’ Granger MacDonald, the group’s chairman and homebuilder from Kerrville, Texas, expressed disappointment in the absence of a meaningful home ownership tax credit in the proposal.
In a statement released Monday morning, MacDonald wrote:
“NAHB worked closely with leaders of the House Ways and Means Committee to develop a better homeownership tax incentive that will ensure the middle class – not the wealthy – benefits. Last week, it appeared that we had a deal that would establish a meaningful homeownership tax credit that would benefit tens of millions of households. Unfortunately, we were told by the House leadership that the credit will be removed from the bill."
The statement follows recent statements from the NAHB that supported the idea of dropping its support for the Mortgage Interest Deduction, so long as home ownership incentives remained in place.
Read MacDonald’s full statement on the Republican tax plan here.