Buying a home has long been an essential facet of the American Dream. But while many would-be buyers have dreamed of home ownership in years past, today’s shoppers are serious about buying a home and actively engaged in the process. Whether you’re thinking about investing or you’re planning to list your home, this focused market can have a big impact on your goals.
Are You Serious About Buying or Selling? You’re Not Alone
A recent report by the National Association of Home Builders shows that of all Americans who are considering buying a home in the latter part of 2020, about half aren’t just planning—they’re actively involved in the process. This is a significantly higher number than even just a year ago, when only about 40% of shoppers were serious about buying.
What’s driving buyer demand?
Why are buyers so much more serious about buying now (about 50%) than in 2019 (about 40%)? Record-breaking low mortgage interest rates have likely played a big role in many buyers’ decision to get serious about making a move. Rock-bottom rates mean big savings—possibly even tens of thousands of dollars throughout the course of the loan.
The COVID-19 pandemic is also another driving factor for many buyers who’ve found themselves spending more time at home. For some, work has become permanently remote, so space for a home office has become an essential. For others, outdoor spaces or additional indoor rooms (like a home gym) have become necessary.
Millennials are driving the market
More and more millennials are actively entering the home search process. In fact, of millennial-aged buyers considering purchasing in the next year, almost 60% are already actively searching. This generation is driven to buy not just by low interest rates and changing home needs, but also by their increased buying power.
In 2019, house-buying power for millennials increased 16% relative to 2018. And that means that more buyers in that age range have the ability to purchase—and are serious about doing so.
Sellers have a lot of opportunity
If you’re thinking about selling a home in the Raleigh area, know that there’s never been a better time. Low interest rates and motivated buyers put the negotiation power in your hands. Lately, we’ve been seeing a lot of interest in newly listed homes, often resulting in quick offers and even bidding wars. Putting your home on the market—at the right price—could mean a fast sale for a fantastic return on investment.
Making a Move in the Triangle?
Are you getting serious about buying or selling a home in the Triangle area? Let us help! Contact Linda Craft & Team today at 919-235-0007 to find out more about how we can put our 350+ years of combined experience to work for your real estate goals.