Real Estate Trends To Watch
Oct. 26, 2015
The recent recession hit people across the country where it hurts the most – their pockets. The housing market cratered. But, finally, the economy is getting back on its feet as economic and job growth accelerates. Prospective home buyers can benefit from this strong growth and historically low mortgage rates.
If you are looking to buy or sell your home, here are a few trends that will keep you up-to-date on the housing market.
Home Prices on the Rise
States like Colorado, New York, Texas, and Wyoming experienced record high housing prices earlier this year. The nation as a whole is experiencing price increases of almost 6% compared to last year. Economists see the uptick in prices as signs of a stable and growing market.
Low Mortgage Rates
Most economists believe long term interest rates are going to stay low and, along with lower oil prices, will keep inflation in check in the near term.
Buyer’s Market
Middle income home buyers will have a great year with more inventory coming on the market. As people have regained financial stability, more are looking to sell their homes and move up in the market. That presents a great opportunity for first-time home buyers.
Turnkey Properties
Today’s prospective home buyer is looking for something that is “move-in ready,” as opposed to homes that might require some work. Brand new homes like ours at Brandywine need nothing more than your belongings.
Buying or Renting?
In recent years, it used to be that renting a home was more affordable than owing a home. But rents have soared nationwide and people are now able to get a better bang for their buck by buying a home rather than renting.
Newer Homes
According to a national association of home builders, the average home today is about 2,200 square feet — 10 percent smaller than the average home five years ago. That smaller footprint and homes that are energy efficient are the new standard in the age of “eco-friendly” everything.
If you are considering buying a new home in one of the nation’s most solid real estate markets, contact us.
