According to WXJB 99.9 radio, one third of our Real Estate Market is composed of 25-34 year old people, and half of these millennials plan to buy or sell in the next two years. Due to strong consumer confidence, remodeling has sprung to a $300 billion industry and there has been a 93% price increase in homes in the second quarter of 2015.
The rise in homeowner values makes a great sellers market, but not so much for the buyer, as homes are selling fast and those who are remodeling want to hang on to their homes. As rent is increasing across the country, it’s becoming more difficult for those who want to buy.
Those who are looking to buy for an upgrade and larger home should begin their search before putting their home on the market. Affordability may be a little higher, but mortgage rates are low and they may see their home go before acquiring another. There are ways to sell your home using that money for a down payment towards another. Don’t feel strapped, let your REALTOR stress for you!
As 30% of sellers are first time sellers they should know that greater home equity and updating makes their home a better sell. The South has seen great improvement in the Real Estate Market;however, everyone should beware that the Federal Reserve Rates are going to rise which may cause a nuisance when looking for your home loan.
If your looking to sell or buy, the time is now, before home sales are at an all time high and mortgage rates increase!
Reference:WXJB 99.9 radio