Thinking about buying a home or listing your current one? Whether you're considering a jump into the housing market or just curious about what shape it's in, here are a few facts:
- 67% of Americans say that now is a good time to buy; 40% say it's a good time to sell.
- Experts expect a 16% growth in home construction.
*MILLENIALS WILL CONTINUE TO MAKE UP THE MAJORITY OF FIRST-TIME BUYERS.*
- Millenials make up 65% of first-time buyers, and manyof them are older Millenials aged 25-34.
- 86% of Millenials are buying due to a change in family size.
- Millenials are predicted to drive two-thirds of household formations in the next five years.
*THERE ARE FEWER FORECLOSURES ON THE MARKET IN MOST AREAS*
- We're reaching the end of the foreclosure crisis. There are fewer foreclosures and short sales on the market than before, in most markets.
*HOME INVENTORY IS UP*
- Total housing inventory is at a 4.6 month supply at the current sales pace.
- New listings are up 12% this year from 2014 levels.
*THE DEAL WITH HOME PRICES*
Are home prices on the rise or are they falling? The answer depends on where you live. Home prices are more local than ever.
- National median existing home price is $212,100.
- Median price by region in March 2015
- Northeast: $240,500 (-1.6% from March 2014)
- Midwest: $163,600 (+9.7% from March 2014)
- South: $187,900 (+9.3% from March 2014)
- West: $305,000 (+8.3% from March 2014)
- 46% of American say that home prices will go up in the next 12 months.
- 41% say that prices will stay the same.
Want to learn more about the local real estate market? give me a call! I'm happy to give you the scoop on our local market.
Comments(0)