2017 vs. 2018: What’s Different About Buying Real Estate This Year?
It’s hard to believe we’re about to head into the 4th quarter of the year. 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. The good news? Rising house prices is an indicator that the economy is on the rise.
Number of Sales Is Going Up
More people are buying homes now than ever before. The average number of sales real estate agents see is increasing. And, 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. And 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. Always consider where and when you’re buying a home!