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2019 Housing Market Trends That You Need to Know
Aug 26, 2019
A huge number of people are interested in buying homes while others are selling their properties. Here's what you need to know about trends in the real estate market.
The real estate market is one of the largest and most vibrant industries in the United States. It is expanding at a higher rate than other sectors around the country. Homebuyers and sellers are always on edge due to the changing market trends. Besides the increased transactions in the real estate sector, some few trends have played a key role in the housing market in 2019.
1. Increased Listings
Several years back, it was difficult to get a house for sale. Currently, you can find more houses for sale in places like Fresno, TX due to the increased listings. Although the number of people selling houses has increased, advanced listing technology has made it easy to buy a home around the country. Search listed houses on various websites, and you will likely find a property that meets your tastes and prices.
2. Rise of New Homes
There is a perception that most of the homes available for sale are old homes. Although this perception was true some years back, it has significantly changed. The real estate market is currently inundated by new homes for sale. People have the option of choosing a refurbished property or a new home. This has been brought about by the large number of property developers who are constructing new houses for sale.
3. Increased Property Demand
The demand for real estate properties has significantly increased in the last 20 years. A large number of people are buying new houses through various financial programs that are supported by the Federal Government. Mainstream banks have also been funding home acquisition through subsidized mortgage fees. Statistics from the Department of Home Affairs indicate that 40 million United States citizens move to a new home each year, which has led to a gradual increase in demand for homes.
4. Realtors
The real estate industry has grown to the extent that it has attracted professional realtors who have been helping people sell and buy homes. You don’t have to struggle to look for houses for sale. All you need to do is contact a realtor who will help you to access real estate listings in your local area. A realtor will help you with price negotiation and the entire home acquisition process for a fee.
5. Increased Prices for Houses
Increased demand for houses has led to an unprecedented increase in price for properties around the country. The real estate industry is driven by profit-oriented developers who hike the prices of the houses at any opportunity available. The fact that real estate developers are not evenly distributed makes the pricing of the houses in some parts of the country difficult to comprehend. However, with the help of an experienced realtor, many buyers are finding homes in their price range.
6. Luxury Homes
The housing market is differentiating and targeting the rich with prime properties that are located in strategic places around the country. Luxury homes are currently dominating the housing market and are attracting premium prices. Most of the properties in densely populated and vibrant states such as New York, Florida, and California are categorized as luxury properties.
7. Homebuyers Are Millennials
Surprisingly, baby boomers have been overtaken by millennials in home buying leader boards. Millennials are starting to find stable careers and investing in real estate
properties. Most of them are buying homes in middle-income classes, while those with increased income have already bought homes in upper-class neighborhoods. Recent studies show that millennials lead the way in mortgages at 45%.
The housing market has significantly changed in the last few years. It is one of the leading sectors around the country. A huge number of people are interested in buying homes while others are selling their properties. However, for you to excel in this sector, it is important to understand these important trends that will shape the industry in the future.
Buying a home for the first time can be stressful, overwhelming, and exhausting all at the same time! There’s so much to take in as a first time home buyer, so we’ve compiled some trade secrets for you to help you out in your journey. Keep Your Money Where It Is In the months before applying for a mortgage, you’ll want to keep your money right where it is. Lending companies want to make sure you have a reliable income, so moving your money around, applying for additional credit, and buying large ticket items can be red flags. You don’t want to take any chances when it comes to your credit profile! Go With the Flow There’s no perfect time to purchase a home, so try not to anticipate the real estate market to determine when to start looking. Real estate markets fluctuate constantly, and if you wait it out for the “perfect time,” you may never find the best home for you. Stalk the Neighborhood Sure, you can change things around your new home. But you’re unable to change your neighbors! If you find a property you really like, make an effort to visit the neighborhood morning, noon, and night to see what is going on. You’ll get a better picture of if the area is a busy neighborhood, if your neighbors are constantly out and about, or if you will be living in a relatively quiet place. Don’t Forget the Hidden Costs When creating your budget, don’t just focus on your monthly mortgage payment! Buying a home and maintaining it can be incredibly costly to those who are not prepared. Make sure to budget in closing costs, inspection fees, home insurance, regular maintenance such as mowing the lawn and cleaning out gutters, and utilities. As a general rule, it is always better to stay modest when creating a budget as you most likely will need some wiggle room with these unforeseen expenses. When it comes to Houston real estate, Kay Harris is the real estate professional you can turn to. If you are looking to buy a home in the Houston area, give us a call today and we’ll get the process started.
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