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Millennial Home Buyers | Biggs Realty Blog

Thursday, September 22, 2022   /   by Kenneth Brands

Barndominiums- The Hottest Trend

     For the past few years, people have been ruthlessly shedding the excess in their lives to squeeze into a home smaller than a walk-in closet. Well, move over tiny houses, millennials are trading their minimalist, cramped space for the expansive lifestyle of the barndominium.

     A barndominium is a play on words originally used to describe a living space built inside a barn or auxiliary building primarily used to house on-site employees. Over time, it morphed to include guest suites or rental units over garages and now it incorporates a new design style. Barndominiums typically are mixed-use structures, including either a workshop, garage or other utility room.
     Modern barndominiums use simple barn or industrial buildings and convert them to spacious homes. Often these can be added to an existing structure, but home builders have latched on to this growing trend with building kits or quick-install prefabricated buildings. Al. ...

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Saturday, September 3, 2022   /   by Kenneth Brands

Are The Bidding Wars Over?

     Let’s face it, it’s fun to have a home listing during a seller’s market. When inventory is tight, even less-than-perfect homes invite the frantic bidding wars seen over the past few years. But as the economy slows down and interest rates increase, sellers are wondering if the bidding wars are over, and what that means for them.

     First of all, bidding wars have occurred in every kind of real estate market. Well-positioned homes have always garnered attention and offers. What’s different in a seller’s market is that buyers are so desperate to find a home, that multiple offers seem to be normal on every listing. As the pace slows down, sellers need to adjust their expectations and avoid costly mistakes.
     
Seller Mistakes to Avoid in a “Normal” Market
Bad Curb Appeal – Curb Appeal is once again important to making a good impression.
Delayed Response – Don’t wai. ...

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Friday, August 19, 2022   /   by Kenneth Brands

Affordable Style Updates To Do This Weekend

     Just because your budget is feeling the pinch with rising food and energy costs doesn’t mean your style has to suffer. Ditch the big investment purchase ideas and try some simple updates that will change the look and feel of any room quickly and for a lot less than a new couch.

     Five Affordable Updates To Do This Weekend

1. DIY Pastel Art – Freshen up your room with pastels without the big investment. Take a simple canvas from the craft store, prime it with white paint and add color. Simple and sleek.

2. Industrial Retro Lighting – New light fixtures are a simple way to update a room. A local big box retailer will offer cost-effective versions of the latest trends.

3. White Sofa – No need to buy a new sofa when a fresh slipcover will do; bright, clean, and easy to change when the cooler months come.

4. Boho Accents – Mix up your style with some boho accents, such as a Turkish rug runner or kilim ! ...

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Monday, August 1, 2022   /   by Kenneth Brands

Inflation is Rising – Should I Still Buy a Home?

     World events and government spending has led to soaring inflation. The Federal Reserve has only one tool in its arsenal to curb and reduce this trend – raising interest rates. While contemporary home buyers are accustomed to interest rates in the 2-4%, older homeowners remember being excited to get one as low as 8%. As yet, we have no indication such a drastic increase is necessary, home mortgage interest rates are creeping up and potential home buyers may be asking if they should still try to buy a home.

     One of the first things to consider is affordability. A higher interest rate will impact the amount of the loan each buyer can qualify for, potentially reducing their spending power. Yet, home prices are also beginning to soften, so it’s possible that this correction will reduce any possible impact from rising rates.

     Secondly, home ownership has been a strong hedge against inflation historically. Buying a ho; ...

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Thursday, July 14, 2022   /   by Kenneth Brands

Should I Buy a Home Right Now?

     If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
The Future of Home Price Appreciation
   Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):


As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will contin ...

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