Real estate trends vary a little from year to year. Sometimes it’s a buyer’s market, and other times sellers are favored. Knowing what is going on in financial and investment sectors can often signal you whether it’s time to buy or sell. 2016 is starting off with some great inventory available in some pockets, while homes in the average price range and lower are selling faster with multiple offers. Millennials are finally beginning to invest in real estate in larger numbers, which should continue to rise all year. This is still a year that favors both buyers and sellers in various markets.
As more and more millennials are considering their future retirement, eighty-percent say they recognize the need to invest in a permanent home. Expect to see them purchasing homes in this current buyer’s market. Every sector of the country will enjoy home purchases from this group. A widely diverse group, millenials seem to purchase homes of every type. Townhomes and single-family residences seem to be the most popular purchase, but condominiums and homes with rental potential also are high on the list. Millennials are choosing homes that will cater to their retirement years. Just last week we placed a buyer with one of our amazing real estate agents in Minnesota. This buyer is 18 years old. Did you think of buying a house when you were 18? Times are changing!
Many young couples are looking for older fixer-upper homes that can be lived in while renovation is underway. With time and energy, the hope is to turn an older home into a modern upgrade that will increase in resale value. Young marrieds are typically both working and plant to work on improving their home evenings and weekends. Agents with homes in this category are sure to find buyers.
Folks who are retiring are moving into townhomes and condos and selling their larger family homes. This is going to put some great houses on the market for the first-time buyer and the growing family. Most of these homes will have three or four bedrooms, two and a half baths, and a good sized back yard. Retirees are looking for nice neighborhoods, less upkeep, and modern features. Townhomes are the perfect solution for the individual or couple wanting less home maintenance to worry about. Lawn, parking lot, and shared areas are all maintained by the homeowner’s association.
There are a lot of buyers looking for homes that can produce income and provide a comfortable living space. Rental prices continue to rise, and potential investors see this as an opportunity to gain a second income. Small apartment buildings and duplex homes are popular with this crowd. For some the goal is to quickly build equity in the property, and sell it at a profit. Other investors want the steady income rent provides each month. Investment buyers must be prepared to make repairs or pay a handyman. There are times when renters don’t pay on time or at all. It’s all part of investment real estate.
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The price of building a new home is declining, making it an attractive option for many people. Builders are offering new more affordable products for families. Loan access is also improving as young people realize a good credit report is essential if they want to build their dream home. Single-family construction and townhome neighborhoods are more affordable this year. Location is always critical to the type of housing available.
If you have been wanting to buy a pre-owned or a new home, this might be the best year to make the move. There are many affordable options available on the market for buyers.
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Call Ballen at 1-800-805-8354 to be paired with a great real estate agent anywhere in the nation.