Hello! Happy New Year. I hope you all had a great December and are excited to jump into 2018. 2017 was a great year for Real Estate. I am so thankful and blessed to have helped 38 families last year buy, seller or invest in Real Estate. It is truly an honor to work for all of you. Much gratitude. Here are some tidbits regarding the 2018 market and what we've seen over the last quarter.
Millenials favor homeownership: Millenials are the largest living generation and Pew Research notes that their households dominate the ranks of the nation's renters compared with previous generations. As the generation matures (the oldest are at 34 years of age), seventy two percent wish to become homeowners.
Demand is outpacing supply: According to Freddie Mac research, the hurricane season that hit the southern and eastern coastal areas is exacerbating a market already short on homes. Additionally, home prices are predicted to rise 4.9 percent nationally.
Unemployment remains low: The unemployment rate remains at a low 4.2 percent according to the U.S. Bureau of Labor Statistics. Due to this, many buyers have the income needed to shop for homes.
Mortgage rates drop under four percent: Nationally, the average interest rates on conventional purchase-money mortgages decreased in the fall to less than four percent, reported the Federal Housing Finance Agency.
Market conditions suggest near-term winter and spring home buying will remain brisk. I expect an increase in spring buyer activity which will continue throughout the summer. Give me a call, text or email with any questions regarding the current housing market.
Cheers,
John Baque
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