America’s 18- to 34-year-olds are less likely to be living independently of their families and establishing their own households today than they were in the depths of the Great Recession. This has occurred despite the fact that unemployment is down, full-time work is up, and wages have modestly rebounded for young adults in the U.S. labor market. Source: Pew Research

Making sense of the story

  • The 18- to 34-year-old population has grown by nearly 3 million since 2007. But the number heading up their own households has not increased.
  • In the first third of 2015 about 42.2 million 18- to 34-year-olds lived independently of their families. In 2007, before the recession began, about 42.7 million adults in that age group lived independently.
  • In 2010, 69 percent of 18- to 34-year-olds lived independently. As of the first four months of this year, only 67 percent of millennials were living independently. Over the same time period, the share of young adults living in their parents’ homes has increased from 24 to 26 percent.
  • The number of young adults heading their own households is no higher in 2015 (25 million) than it was before the recession began in 2007 (25.2 million).
  • The decline in independent living since the recovery began is apparent among both better-educated young adults and their less-educated counterparts. For example, today 86 percent of college-educated 25- to 34-year-olds live independently of their families. In 2010, 88 percent of this demographic lived independently.
  • Trends in living arrangements also show no significant gender differences during the recovery. However, in 2015, 63 percent of millennial men lived independently of family, compared with 72 percent of millennial women.
  • Most of the decline in independent living since 2007 can be attributed to more young adults living in their parents’ homes. In the first third of 2015, 26 percent of Millennials lived with their parents. At the beginning of the recovery in 2010, 24 percent of young adults were living with parents.

Read the full story

Talking Points …

  • An index measuring economic confidence fell to a 10-month low, according to Gallup’s Economic Confidence Index.
  • The index dropped to -14 last week, which was the lowest level recorded since last September. The index has been on a downward trajectory since late January when the index peaked at +5, which was the highest weekly score since Gallup began tracking economic confidence in 2008.
  • Since mid-March, the index has consistently been in negative territory. Gallup’s index is the average of two factors: how the public rates the current economy and whether people feel the economy is improving or getting worse.

C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated.

Dave Thurman Real Estate

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Nearly one-in-five potential first-time home buyers are actively looking to buy and nearly two-thirds would like to provide a sizable down payment of 20 percent or more, according to new research released by TD Bank.

The TD Bank First-Time Home Buyer Pulse also revealed that 62 percent of potential first-time
home buyers think they will purchase a home within the next two years. Among millennial
survey respondents, this number rises to 67 percent.

What First-Time Home Buyers Look for in a Home:

  • More than two-thirds of consumers (68 percent) looking to purchase their first home are interested in move-in ready homes, while one-third would like to buy a fixer-upper.
  • Forty-three percent of consumers are looking to purchase their first home in a suburban area outside of a city compared to 20 percent that want a home in a big city or metro area.
  • When it comes to amenities, respondents are most interested in their first home having a backyard or pool and an attractive design, followed by energy efficient/smart homes technologies.

Barriers to Homeownership:

  • When asked what is preventing them from purchasing their first home, respondents most often cited needing to save money for a down payment (64 percent) and needing to pay down debt (45 percent).
  • For millennials, the entry to homeownership is even tougher: 70 percent of millennial respondents said they need to save for a down payment and 52 percent said they need to pay down debt.
  • More than one-in-five consumers (22 percent) looking to purchase their first home noted that they can’t find a home in their price range.

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Fast Facts

Calif. median home price: June 2015:

  • California: $489,560
  • Calif. highest median home price by region/county June 2015: San Francisco, $1,339,290
  • Calif. lowest median home price by region/county June 2015: Tulare, $194,170

Calif. Pending Home Sales Index:
June 2015: Decreased 2.6 percent from a revised 123.6 in May to 120.4

Calif. Traditional Housing Affordability Index: First Quarter 2015: 34 percent (Source: C.A.R.)

Mortgage rates: Week ending 7/23/2015 (Source: Freddie Mac)
• 30-yr. fixed: 4.04% fees/points: 0.6%
• 15-yr. fixed: 3.21% fees/points: 0.6%
• 1-yr. adjustable: 2.54% Fees/points: 0.3%

C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated.

The Basics of Making an Offer

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that’s included in your written offer and in the final completed contract, or you won’t have grounds for collecting it later.

REALTORS® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the REALTOR® will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller’s real estate agent, if that’s a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties’ lawyers. [Read More]

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Fish Finder (July 29, 2015)

Posted by Dave Thurman under General


Water is warm and clear, just right for the 14th Snag Proof Frogs-Only black bass fishing contest, Saturday and Sunday out of Russo’s Marina in Oakley. Public invited.

Director Randy Pringle said there is an excellent top water bite for bass and that artificial frogs skirted across wed beds is a sure way to hook large mouth bass in the 3- to 4-pound class. Perhaps larger.

Small-sized striped bass, 18-22 inches, are pretty common on the San Joaquin River side at the shoals and for live bait drifters on the edge of the Deep Water Channel. Be prepared to release plenty of sub-legal fish. The Sacramento River above the Rio Vista Bridge is loaded with so-called “schoolies,” as well. Bait is the ticket.

Decent action for bluegill, red ear and bullheads fund in the shallower, back-sloughs.

[Read More]

From By Peter Ottesen, Record Correspondent

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A real estate agent can help you understand everything you need to know about the home buying process.

Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR ” ®” trademark on their business cards and other marketing and sales literature.

REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments of most people’s lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are buying a home.

If you’re still not convinced of the value of a REALTOR®, here are more reasons to use one:

One Cool Thing

Dave Thurman Real Estate

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Visit Stockton seeks new brand for city

Posted by Dave Thurman under General

Visit Stockton announced Wednesday it is seeking a new Stockton brand to underpin its efforts to boost the city’s visitor and hospitality industry, as well as help in the bigger goal of attracting new residents and businesses.

Wes Rhea, Visit Stockton executive director, said his agency and the larger community would benefit from a common theme in presenting Stockton to outsiders.

“We don’t necessarily have a strong, consistent brand that is accepted communitywide right now, he said.

To that end, the tourism agency has enlisted North Star Destination Strategies of Nashville, Tennessee. Its contract of about $80,000 will be underwritten by Visit Stockton through hotel taxes and district assessments.

Most of the work will consist of research, including surveys and focus groups of area residents and leaders, collecting demographics and more, Rhea said.

“It’s really not sitting around a table and coming up with slogans,” he said.

The last city branding effort came in 2007 and 2008 and was built around the tag line Celebrate Stockton. That drive was largely undercut by the times, as the housing crisis, Great Recession and Stockton’s municipal bankruptcy hammered the city.

“We didn’t stop what we were doing, but nobody was ready … (to) make the effort to make branding do was it was supposed to do,” Rhea said.

Now, however, with those crises in the rearview mirror, it’s time to develop a new brand. [Read More]

From ~ By Reed Fujii, Record Staff Writer

Whether you’re buying a home, selling your home or relocating to the Stockton, California area… the following information, resources and tools will help to guide your decision. Community Information

Dave Thurman Real Estate

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