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Builders Cutting Down on Starter Homes

first_imgBuilders Cutting Down on Starter Homes Homebuilders Millennials Starter Homes 2017-05-19 Seth Welborn May 19, 2017 742 Views Millennials are starting to move into the housing market, but with inventory dwindling they may be out of luck. The solution? Newly built homes.”Since the recovery has really been at the middle end of the market, home prices have gone up and land prices have followed,” said Megan McGrath, managing director at MKM Partners on CNBC. “So it is very, very hard to make a good profit at a lower price point these days.”Diana Olick on CNBC noted that following the recession, many investors bought thousands of foreclosure properties, and when prices improved, they chose to hold onto them and rent them rather than sell in the better climate. This led to the reduced amount of starter homes today.In March, the median price for a new home was $315,000 while existing homes had a median price of $236,000, due to builders focusing more heavily on moving-up buyers rather than new buyers. Additionally, younger millennial buyers were kept out of the market by lack of employment and wage growth along with high student debt.”I don’t think anyone’s doing jumping jacks in terms of that lower end of the market, but I do think you’re also seeing … a little slowdown at that middle end, because that’s where the bulk of the recovery has been so far. And so we’ve seen a lot of sales so far in the last four years in that middle end, so you need to find another avenue of growth,” said McGrath.Home builders are starting to lower prices, but very few are building what can be called “starter homes.” CNBC notes that only homebuilders D.R. Horton and LGI Homes, have substantial entry-level product.”Finally they are selling well, so you are seeing everybody start to migrate to those types of homes, but they’re starting,” said John Burns, CEO of John Burns Real Estate Consulting. “People are doing more townhomes in good locations, and they’re also stripping stuff out of the house to get the price cheaper.”Though millennials are often first time buyers, it does not necessarily mean they are starter home buyers.“Millennials waited longer to get married, have children and buy homes, due to the recession and other social factors,” said Olick on CNBC. “Since they are older, they can afford more, even though it may be their first home.”center_img in Daily Dose, Headlines, News, Origination Sharelast_img read more

The 5 Takeaways from the Coyotes introduction of

first_img The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Arizona Cardinals tight end Rob Housler has had a slow start to the season, missing the first two games due to injury and then being held to two catches in the two games since.Though Housler hasn’t quite made an impact since returning from his preseason ankle injury, head coach Bruce Arians said he’s seen improvement from his tight end in the last few weeks and expects his performance to pick up.“He’s had two really good weeks of practice, he’s full speed,” Arians said. “He just needs to catch the ball better. Derrick Hall satisfied with D-backs’ buying and selling Top Stories Comments   Share   center_img Housler has a tough task this Sunday, however, going against Panthers’ linebacker Luke Kuechly. The 2012 NFL Defensive Rookie of the Year has become one of the best inside linebackers in football, and Housler said he’s been preparing for good battle with the second-year player.“He’s the kind of player defensively you’ve got to scheme for,” Housler said. “He’s pretty dynamic in the way he plays, coverage and the run game. As far as tight ends go, he’s got the athleticism and size to run with you and cover you and it’s going to be a challenge this week.”Housler is used to being the one creating the mismatches with his own size and speed, but he acknowledged it will be a team effort getting Kuechly off his game.“If you can run the ball effectively and get him to play the run game and get over the top of him, that’s probably the best way,” Housler said, before adding, “He’s so fast, he’ll probably recover.” Housler, in his third year out of Florida Atlantic, led Arizona tight ends with 45 receptions and 417 yards in 2012. Carolina has allowed just 225.7 yards per game in the air this season, ranking 12th in the NFL. Former Cardinals kicker Phil Dawson retires Grace expects Greinke trade to have emotional impactlast_img read more