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A 4.3 Million Home Deficit 

June 27, 2023 by Kevin Martini

The gap between homes and households is expanding. The variance between household formation and available homes in the U.S. is 4.3 million.

The Widening Abyss: A Closer Look

Between 2015 and 2021, the U.S. witnessed a growth of approximately 6.3 million units in its housing stock, which comprises all houses and apartments. Conversely, the population saw an expansion of 7.9 million during the same period, creating 7.1 million new households. This population growth has exceeded the increase in housing supply, instigating an extreme scenario of dwindling availability and intensified competition for available homes. The effect is a dramatic escalation in housing costs.

Recent reports from Zillow underscore the harsh reality: The U.S. is currently grappling with a 4.3 million housing deficit. This deficiency impacts an escalating number of “missing households”— families compelled to live in homes owned or rented by others. The severe lack of housing, especially affordable options, is rendering millions of American households without a place they can truly call their own.

The Concept of Household Formation: Demystified by the Martini Mortgage Group

Household formation is a pivotal demographic phenomenon that entails creating new households. A household is typically described as an individual or group of people sharing a living space and common living arrangements.

Several scenarios illustrate household formations:

  • A young adult branching out from their parent’s home to start an independent life.
  • A couple embarking on their marital journey and beginning to live together.
  • A roommate vacating a shared apartment, leading to the remaining individual living alone.
  • A separated couple establishing separate households post-divorce.

The Raleigh Real Estate Market: A Projection

Predictions suggest that Raleigh’s population will grow 25% by 2030. Correspondingly, an upsurge in household formations is anticipated, driven by an increase in young adults establishing new households. Zillow’s research indicates a need for an additional 17,000 homes in the Raleigh metro area, based on data from 2015 to 2021. The City of Raleigh predicts an even more significant need, forecasting a requirement for an extra 57,000 homes by 2030.

martini factor bottom line

The most opportune moment to invest in real estate is when you’re prepared to take the plunge. If that moment is now, the timing might be right for you. Given that the inventory of homes for sale is at its lowest level since 1982, and new construction isn’t keeping pace with demand, it could take a decade for the housing inventory to achieve balance in the U.S. This heightened demand for housing could potentially spur home appreciation.

Whether you’re a first-time or repeat homebuyer, the journey to homeownership begins with securing a home loan. Once you are approved, not just pre-qualified, you can then proceed to find your dream home. If you’re considering buying a home now or in the future, it’s advisable to consult with a Mortgage Strategist from the Martini Mortgage Group. They can assist you in securing your options and providing clarity on price and cost.

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Filed Under: Housing Market, Kevin Martini, Logan Martini, Mortgage, Mortgage Approval, Mortgage Broker, Raleigh, Raleigh Mortgage, Raleigh Mortgage Rates, Real Estate, Uncategorized Tagged With: Buying a Home in North Carolina, Kevin Martini, Logan Martini, Raleigh, Raleigh Mortgage Broker, Raleigh Mortgage Lender, Real Estate

The S.T.A.N.D. System: Your Ultimate Guide to Winning in the Raleigh Real Estate Market

May 7, 2023 by Kevin Martini

In today’s highly competitive housing market, making your offer stand out is more important than ever. Since this competitive environment in the Raleigh real estate market will remain for quite some time, Raleigh mortgage broker and Certified Mortgage Advisor Kevin Martini created the S.T.A.N.D. system developed to help homebuyers navigate the complex world of homebuying and increase their chances of success. In this blog post, we’ll delve into the S.T.A.N.D. system and how it can benefit you on your journey to homeownership.

Introducing the Martini Mortgage Group S.T.A.N.D. System

The S.T.A.N.D. system is a memorable acronym that breaks down the key steps and strategies for making an offer stand out in a competitive housing market:

  • Secure Mortgage Approval
  • Team Up with a Real Estate Professional
  • Analyze and Strategize
  • Nurture Personal Connections
  • Demonstrate Flexibility and Determination

Secure Mortgage Approval

Before diving into house hunting, it’s crucial to secure mortgage approval. This step will help you determine your budget and the types of homes you can afford and signal to sellers that you’re a serious and financially qualified buyer. Working with the Martini Mortgage Group to secure mortgage approval ensures you have the price and cost clarity necessary to make offers confidently.

Team Up with a Real Estate Professional

Partnering with an experienced real estate agent is invaluable in a competitive housing market. A good agent will have a proven track record in your target market and can provide valuable insights into pricing, offer strategies, and neighborhood trends. Communicate your needs and preferences clearly to your agent and work together to develop a strong offer strategy.

Analyze and Strategize

A well-researched and thought-out strategy can make all the difference in a competitive market. First, analyze comparable sales in the area to determine a fair offer price, and work with your real estate agent to establish an attractive yet reasonable starting offer. Then, be prepared to adjust your offer based on the seller’s response or competing offers. Also, consider using escalation clauses and tactics, and evaluate waiving contingencies only after fully understanding the impact of doing so.

Nurture Personal Connections

Establishing a personal connection with the seller can make your offer more memorable and appealing. Writing a heartfelt letter to the seller can be a game-changer. Share your admiration for the property, highlight the features you love, and describe your vision for living in the home. Establishing an emotional connection with the seller can help them see the value in choosing you as the buyer.

Demonstrate Flexibility and Determination

Being willing to accommodate the seller’s needs and showing your commitment to the purchase can make your offer more appealing. Offer more considerable due diligence and earnest money deposit, be flexible with the closing date, and consider limiting or waiving contingencies when appropriate. Consult your real estate agent and legal advisor before significantly changing the standard contingencies.

martini factor bottom line

The S.T.A.N.D. system developed by the Martini Mortgage Group is a proven way to make your offer stand out in any housing market, especially in a competitive housing market. Be patient, persistent, and positive; you’ll be well on your way to homeownership. For a confidential conversation to gain more insight on how the S.T.A.N.D. system can benefit you and your family, contact Raleigh mortgage broker and Certified Mortgage Advisor Kevin Martini. Kevin can be reached by calling (919) 238-4934.

certified mortgage advisor kevin martini

Filed Under: Homebuying Strategies, Housing Market, Kevin Martini, Martini Factor, Martini Mortgage Podcast, Mortgage, Mortgage Approval, Mortgage Broker, Mortgage Podcast, Offer Strategy, Raleigh, Raleigh Mortgage, Real Estate, Real Estate Podcast, the S.T.A.N.D. system Tagged With: Buying a Home in North Carolina, Buying a Home in Raleigh, Competitive Housing Market, Homebuying Strategies, Housing Market Trends, Kevin Martini, Mortgage Approval, Mortgage Tips, Raleigh, Raleigh Mortgage Broker, Raleigh Real Estate Market, Real Estate

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    Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | For licensing information go to: www.nmlsConsumerAccess.org and/or www.GoldStarFinancial.com Please review our Disclosures & Licensing information | Gold Star Mortgage Financial Group Corporation has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Equal Housing Lender. For further information about Gold Star Mortgage Financial Group, Corporation, please visit our website at www.GoldStarFinancial.com. Receipt of application does not represent an approval for financing or interest rate guarantee. Applicant subject to credit, acceptable appraisal, title, and underwriting approval. Not all applicants will be approved. Other terms and conditions apply. Contact Gold Star Mortgage Financial Group, Corporation for more information and up-to-date rates.

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