With the heat of Summer in full swing, the wave of both home buyers and sellers has risen, as well! Equity Title wants to provide you with the latest real estate trends for Summer so you can stay out of the heat & enjoy being in a cool, new home!
1. Millennials & Boomers Dominate The Market. The two massive demographic waves accounting for the majority of the housing market are millennials and baby boomers. The powerful demand of these generations will maintain for an estimate of the next ten years. This is an important factor in marketing your home due to the wide array of sources these demographics are using to research. By far, both millennials and baby boomers are noticeably more motivated when making the decision to buy a home. Expect this domination of the market to come with ample research having been done and a need for technology throughout the process.
2. Fewer Homes & Faster Markets. With fewer homes than buyers in the market, it’s a great time to sell! Take advantage of the market at this time of the year with more buyers than ever looking for a home just like yours – those selling now can expect to get more money from their home than in previous years.
3. It’s A Great Time To Buy A Home. Real estate professionals expect mortgage rates to increase within the upcoming years making NOW the perfect time to buy a home in order to lock in a low rate. Take advantage of this opportune time by taking the time to view homes in the market that may be something you’re interested in down the road. With rates expected to increase, now is the time to buy a home!
4. It’s Cheaper To Buy Than Rent. In previous years, many chose to rent rather than buy because it was cheaper. Ironically, today it is more cost-effective to buy versus rent. With the job market slowly getting better, millennials are working with low wage growth and high student-debt loans continuing to rise. The issue for the majority of these buyers is clearing the hurdle of a down payment. With the median price of a home in the U.S. around $290,000, a typical down payment is nearly $30,000 for purchase. Once this hurdle has been overcome, however, the most economical option is to buy a home rather than rent.
5. Close With Confidence. The final step in the home buying process, closing, can often be forgotten as a decision to make. Whether you are an agent, buyer, or seller, choose to work with a title company that puts your needs first. Equity Title ensures on-time closings and provides ample resources seen here for a more informed closing. Put the final step in closing on your home in the hands of a title company with over a quarter of a century of experience! See how you can close with confidence here.
From market demographics to buying characteristics, Equity Title provides you with the hottest real estate trends of the Summer. After you’ve made it to the closing process, remember to “close with confidence” and contact your local Equity Title!