As we enter in to summer 2016, it’s important to keep in mind that there are some important factors to consider when buying a home. Five trends that you may want to look out for when buying a home are the best time to buy, changes in home prices, location, outlook of home buyers and home sizes and types.
When buying a home you might want to ask yourself, is now the right time to buy? According to the National Association of REALTORS Research Department, who just released the spring edition of its Housing Opportunities and Market Experience (HOME), now is a good time to buy a home. Reports have found that 75 percent of home buyers believe that now is a good time to buy a home, with 44 percent strongly having that belief. A shocking 50 percent believe that prices have risen within their communities in the last twelve months; meanwhile 39 percent feel that prices have stayed the same, and 11 percent believe that prices have decreased. Those in the west and urban areas have been most likely to report that prices have inflated.
“A high number of homeowners are expressing that it’s a good time to buy and this sentiment is no doubt being fueled by the $4.4 trillion in housing equity accumulation in the past three years,” says Lawrence Yun, NAR chief economist.
With millennials buying homes in the suburbs, the need for single family homes has been steadily increasing; thereby making the market for homebuyers largely dependent on the outlook of the individual. The vast majority of individuals living in rural and suburban areas would buy a home in a similar location, whereas those living in an urban area would be more likely to move elsewhere, thus making homes in the suburbs the most marketable. The increases in prices have begun to waiver as 48 percent of the population believes that the U.S. economy is increasing and out of that percentage, 60 percent of the individuals under the age of 34 believe the economy is improving. It has been reported that consumers would typically buy a larger or smaller home based on their age. Younger buyers would typically buy a larger home than the one they currently reside in, whereas older buyers would generally buy a smaller or similarly sized home. With primetime buying season among us, be sure to check out these trends before making your big move.