Purchasing a home is a big decision, one that require much thought and planning—even before you actually go out and look at a home. Researching the top real estate and housing trends, before you hit the pavement looking, will put you in the best position possible to succeed in the house buying market.
Because of the housing market crash in 2008, recovery has been a slow process though it is still improving, even today. In 2014, be prepared to see a younger generation of house buyer entering the market (“Millennials”). Unfortunately, due to housing prices increasing and a general mistrust of the market by this young group of individuals, they will not be purchasing homes at the same rate as their parents did before them, and they may even decide to wait a few years before actually taking the plunge and purchasing a home.
Which leads into another expected trend: housing prices will continue to increase. In many popular areas, housing prices have increased to such a level that many individuals simply cannot afford to purchase a home. Not only are these places cheaper to purchase a home in, but they are also cheaper for contractors to build in which will lead to an increase in houses in markets that are actually affordable for families today.
The housing market is very reliant on a healthy job market which has been slow to recover for some time in the USA. Unfortunately, if people do not have a good paying job, they simply cannot afford to purchase a home that will directly affect the housing market as well. This trend is not expected to reverse any time soon, but it is not expected to worsen, so hopefully there will be enough jobs to support both a healthy housing market and a health job market. More information regarding the top real estate and housing can be found at http://www.zillow.com/blog/2013-12-05/2014-real-estate-predictions/.
Another thing that is working against home buyers is the fact that in many areas, sellers are able to price their homes high and still have people interested in purchasing their real estate. This has to do with the fact that there are simply desirable areas that most people want to live—and there are always people who are willing to pay a premium for “the best neighborhood.” Because of this, some home buyers will have to re-evaluate where they want to purchase a home and maybe come to a compromise on an area in order to be able to afford the purchase price of a home that will fit into their needs.
Home buying can be a stressful and unnerving process, even for someone who has done it all before. Though there are many trends that work against the home buyer, if a person is diligent and takes some time to do some preliminary research—on areas to live, typical housing prices, whether or not the area they are exploring is expected to retain its property value—then there they will be able to come away from a home purchase a winner. More trends and updates in her latest blog post.