Have rising interest rates and housing prices really scared off homebuyers? This is the impression many homeowners have — and the reason they’re holding back on listing their houses for sale. In reality, the homebuyers who were priced out last year are coming back in full force, with even more buyers joining the hunt for affordable houses.
According to the Home Buyer Report created by NerdWallet in 2018:
“Three-fourths (75 percent) of Americans say buying a home is a priority, and that includes 82 percent of millennials. Not only does the youngest generation prioritize homebuying at a higher rate than other generations (75 percent of Generation X and 69 percent of baby boomers), they also aspire to buy a greater number of homes over time.”
Homebuyers and sellers are feeling optimistic
Among those who plan to buy a house in the next five years, these are the top reasons Americans want to purchase:
- 44 percent say it’s a good investment.
- 42 percent want or need more space.
- 34 percent say it’s the next step.
- 30 percent say it’s more affordable than paying rent.
- 29 percent plan to move to a new location.
It’s important to point out that the number one reason Americans want to buy a home is because of the value in its investment.
Fact: You can breeze through buying a house and fly into your mortgage. Download the app that makes it easy.
For any homeowners hoping to sell in 2019, this is an ideal year to list your house. The data indicate that:
- Buyers are highly motivated.
- Fewer sellers are listing, reducing competition.
Three major organizations that report on housing market trends predicted that sellers will wait until 2020 to put their houses on the market, leading to a boost in sales.
As an example, Freddie Mac’s current numbers and forecast show total home sales in thousands as:*
- 2018: 5,980
- 2019: 6,090
- 2020: 6,140
But home sellers don’t have to wait until 2020 when market competition heats up. Listing now could put you ahead of the curve and give you a great opportunity to sell your house at a better, and potentially more lucrative, price.
When you’re ready to be home already
How long will it take to buy a house? This is the question both buyers and sellers are asking. The short answer: You could be home in 10 days. Homebuyers are using our make-it-easy mortgage programs like 10-Day Close and Early Bird Approval to get into their dream homes faster – and beat out other bidders at the same time. Get connected with a local loan officer to get home fast.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources are deemed reliable but not guaranteed.
*”2019 Will Be A Great Year For Buyers AND Sellers.” Keeping Current Matters, Feb. 2019.