How Millennials are affecting the housing market

One of the most influential groups of homebuyers on the market these days are Millennials.  These large groups of buyers behave quite differently from other homebuyers according to “The American Housing Study.”  Here is some insight on what sets them apart from other generations of homebuyers. Who are they? Millennials are the youngest generation of homebuyers and are born after 1977 and before the year 2000. They account for nearly 2.6 million of the homes sales in the United States over the previous two years.  They account for nearly 25% of the population and this group is nearly 20% larger…

Affordable Lots in Short Supply

In a 2014 NAHB study of over 59% of builders reported a low supply of lots.  Particularly in “A” or prime markets or locations.  With the recession, many builders moved out of the fringe areas and markets.  Many first time buyers found down payments scarce.  For these buyers the fear of losing money on housing turned these young buyers into apartments or back with their parents.  This buyer behavior caused lower entry-level builders to move into more prime markets and start building more upscale homes to stay in business.  This shift in the market absorbed much of the inventory of…

Great Reasons to Buy a New Home Right Now

Home ownership always has a good list of benefits.  The obvious benefits of creating a stable place to raise your family, and having a resource to build your equity chief among them.  Right now however, there are many reasons to that you should consider this process now. Interest rates are still hovering near historic lows.  Why wouldn’t you want to take advantage of the lowest rates you will likely ever see in your lifetime?  In checking with several national economists, interest rates are expected to rise around December 2016 to around 4%.  Gasp!  Still a great rate; but as you…

Demand for Housing with Boomers Increases

The boomers were supposed to keep the housing market strong.  At least that is what they said back in 2006.  That didn’t happen.  Why?  After all, this was the largest portion of the population.  They were all going to be downsizing and looking for new housing as they eased into retirement.  What happened?  Well, when the housing recession hit in 2008 their investments starting taking a hit as well as their little nest egg; their home.  There is no doubt homes were radically over valued back in 2006 but for many of the boomers, watching the value of their biggest…