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Wednesday, 11 December 2019
Agent Resource Center
Agent Resource Center

U.S. Home Sales Decline as More Americans Are Staying Put

Written by Posted On Saturday, 16 November 2019 12:58

Despite the recent interest rate cuts, U.S. home sales dropped more than expected in September. A new study sheds light on the typical American homeowner now staying in their home much longer and its considerable impact on the housing market.

A Growing Problem: Low Supply, Higher Prices

Redfin conducted the study and determined that the typical American homeowner has spent 13 years in their home. By comparison, homeowners were staying put an average of only eight years in 2010. What effect does this have? U.S. housing inventory has been experiencing a growing shortage problem for several years. As a report from Zillow shows, for-sale housing inventory slid 6.4 percent from September 2018 to September 2019. There are now less than 1.5 million homes on the market which is the smallest amount since 2013. This, in turn, causes a rise in home prices.

Senior citizens for example have more of an incentive to stay put as many local governments have implemented property tax reductions for its older residents. In addition, older Americans cite satisfaction with their communities, homes and quality of life as why they prefer to age in placeFreddie Mac has stated that seniors staying in their homes has caused a shortage of 1.6 million homes.

Oh, Millennials

Millennials list affordability, high student loan debt, lower wages than previous generations and a delay in marriage as their top reasons for lack of homeownershipOne analysis estimated that 3.4 million millennials are missing out on homeownership. Indeed, millennials are eight percentage points behind earlier generations at the same age. With U.S. homebuilding tumbling from a 12-year high in September, we certainly hope the drop is temporary. The need for additional housing supply cannot be understated.

From the trenches,

Roy Oppenheim

 

Originally posted at South Florida Law Blog: https://southfloridalawblog.com/u-s-home-sales-decline-as-more-americans-are-staying-put/

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Roy Oppenheim

From Wall Street to Main Street, Roy Oppenheim is a successful serial entrepreneur and attorney focusing on Florida real estate, foreclosure defense, loss mitigation and Internet ventures.

 

He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida.

 

Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.

 

In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind.

 

In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President. In 1999, Mr. Oppenheim served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange.

 

Growing up in the Bronx, Mr. Oppenheim learned to be focused on success and driven to always persevere for opportunity.

 

In 2009, he started the South Florida Law Blog, which was voted the best business and technology blog by the South Florida Sun-Sentinel. He also serves as an expert witness on title industry practices.

 

Mr. Oppenheim has also authored two law review articles with Jacquelyn Trask; namely, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6.

 

Today, Mr. Oppenheim is a sought-after legal expert on issues relating to the real estate crisis and beyond. In addition to his own blog, he also has been a contributor to Yahoo! Homes, and featured on HuffPost Live, FOX News, and Lifetime TV. In addition he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim also understands the power of social media, and can be found on a variety of social media platforms.

 

Mr. Oppenheim also speaks fluent German.

 

Admissions

 

  • Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section
  • New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987
  • U.S. District Court, Southern and Middle Districts of Florida, 1993

 

Education

 

  • Princeton University, A.B., cum laude, 1982
  • Northwestern University School of Law, J.D., 1986
    • Member of the Northwestern University Law Review
    • Member of the National Moot Court Team

Original source:  https://www.oppenheimlaw.com/who-we-are/meet-our-team/roy-d-oppenheim-esq/ 

https://www.oppenheimlaw.com
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