We’re already a month down the first quarter of 2017 and with your resolutions coming into play, you may want to add another important milestone you ought to achieve—being a homeowner.
The housing market may have stabilized after a real estate crisis several years ago however, let’s not waste our time and money furthermore. Tis the year to finally gift yourself and/or your family a well-deserved beautiful and comfortable new home (or your first!).
Millennials are moving in
Millennials—adults born between 1980s to late 1990s—are foreseen to purchase their first major investment, their home, this year. Since they make up the majority of the adult generation nowadays, as is in the workforce, it is predicted that millennials will make up a huge portion of the buyers.
More millennials are expected to join the buyers pool for rentals and housing properties. With most of this generation having paid off or close to doing so their student loans, they now find the time and resources to build up their finances and invest in their own housing property.
Mortgage rates will rise
It’s been years since mortgage rates have been somehow attainable for some. This year, however, it’s about to change as the mortgage rates will start to climb up.
To all the buyers and sellers, it would be wise to make a transaction the earliest you possibly can, preferably during the first quarter of this year, before the rates climb up even higher, we recommend you scout for a property during off-peak seasons, when not too many buyers are looking.
Another thing to note regarding mortgage, it’s easier to apply for one now compared to the past years. Refinancing mortgages; low downpayment loans, and the likes are easier to get approved for so if you’re scouting for a new home this year, do it now before the rates increase.
More people will move to suburbs for affordable housing
Since it’s predicted that the housing rates will rise, more future homeowners are expected to look around suburban neighborhoods to scout for affordable housing. Both housing and rental property rates increased in the recent years, pushing people to look from a farther distance, where properties and rentals are cheaper and in a budget price range.
Rent will level off
To those who choose the rent life or condo living lifestyle, we have a good news for you. It is predicted that renting will be a lot more affordable this year. As mentioned earlier, there will be an increase in rental price range however, it will only be minimum. Nonetheless, the supply can and will surely meet the demand.
Homes are getting smaller
With the increasing number of products and trends on how to pull off a tiny home and live big in it, many homeowners are finding comfort in small yet functional homes. In addition, homebuilders target first-time homebuyers. They build small homes for these market since larger homes are less affordable. Plus, who needs a four-bedroom home if there are only two of your, or you’re a family of four? It’s quite too much if you think about it, isn’t it?
What are your thoughts on these trends? What do you think is the wise step for first-time homebuyers, renters, and homeowners? Share us your thoughts—leave it below!
About Chie Suarez
Chie Suarez never gets tired of looking at open-house models and searching home decor and design ideas. She also writes for Wincrest Homes, a company that builds modern family homes in Sydney, the Central Coast, Newcastle, and Hunter Regions.
February 13, 2017