By Hannah Whittenly
When you're ready to buy a home, it’s important to take every factor into consideration. Changes in the market from year to year can have a major impact on how you purchase a home. Keep these things in mind while looking for a new home:
Millennials Are Taking Over
Even though millennials aren’t the biggest category of homeowners right now, they’re expected to be by the end of 2018. For the first time, they’ll be the majority homeowners. The fact that they’re buying more homes means there are different selling and purchase patterns coming up in the future due to the different spending habits of millennials.
Home Prices Are Going Up
Those who sell real estate see an increase in the prices of homes. In most areas, the median price is rising—an increase that may be due to greater demand from first-time homebuyers. It may also be due to the fact that more people are moving into areas they were previously disinterested in before. While prices are going up, salaries and cost of living are also going up—rising house prices is an indicator that the economy is on the rise.
Number of Sales Going Up
More people are buying homes now than ever before. The average number of sales real estate agents see is increasing and people see it as a way to get in on the homeownership action. Since more people are buying homes, the demand will continue increasing. It’s important for those who want to purchase a home to get in on the action now before prices go up even more in the future.
Ownership Is Stabilizing
For years, there was a lot of fluctuation in homeownership. However, for the first time ever, the homeownership rate is stabilizing. People are leveling out with their home purchases and it’s helping them with other areas of their finances. Since homeownership is now stable, people can expect to see an uptick in the number of homes that are for sale. The demand will continue increasing so people can see all the different options they have for purchasing a home no matter what area they’re in.
Anyone looking for a home should consider market conditions, the things that are happening with homes and the availability of homes in their area. People can take more from different options if they have a chance to see how homeownership might change. Always consider where and when you’re buying a home.
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
