Who’s Buying in the Housing Market these Days?

Hey there! We’re almost halfway through 2019, and so there are some obvious housing trends that are happening! As a homeowner, even one who isn’t looking to move, it is still important to be aware of what’s going on in the housing market!

Housing Prices are Rising…shocker I know.

Housing Prices are rising… shocker I know. ” Unless you’ve been living under a rock, you’ve heard that during the course of 2017 and early 2018, home prices made a giant 10% jump. ” –
https://www.daveramsey.com/blog/real-estate-trends One of the culprits for the increase in prices is the increase in mortgage and interest rates. These rates play a huge factor in the housing market (as you know) and it is drastically effecting prices.

High Housing Prices= Good for sellers

High Housing Prices=Bad for Buyers

The most important idea that buyers need to recognize is how much house they can actually afford. With prices being high, it may be smart to not shoot for the stars. Buyers should purchase a home that may need a little tlc, but is located in a fabulous area!

Who are buying houses???

The people buying houses are millennials! The baby boomer generation is being overtaken by the millennial population! ”
This works out perfectly for them as more baby boomers are retiring and downsizing. Next year, millennials will lead the way in number of mortgages, accounting for 45% of the market.  ” –

Updates and keeping it Fresh

Mellennials are looking for houses that aren’t necessarily the biggest. They are more focused on the house’s convenience! This means that sellers should focus on updating their house before selling. These current buyers are looking for hip and fresh houses to move into!

So what does this all mean??

If you are thinking about moving or not, it’s important to recognize the trends and think about the effects it might have on you in the future.

What trends have you seen in the market? Comment below so we can all learn what to look for!

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