This article comes from https://www.homes.com/ by Steve Cook that talks about what is in the future for home prices.
" Lately, that formula hasn’t worked very well. The healthier economy is providing better incomes, and millennials are ready to buy their first homes. Mortgage rates remain relatively low, so demand should be high, and therefore prices will rise. However, over the past three years, demand has not been as healthy as anticipated. Many potential young buyers are saddled with student loan debt and cannot afford a mortgage. Rents have been rising as fast as home prices, making it hard for renters to save for a down payment."
The millennials are buying their first homes, and there are a lot of them that are getting close to 30 now and have manged their money very well. I have noticed that they put a very nice down payment down on their homes they purchase.
The last three millennials that have purchased from me and Lori knew what they wanted and purchased homes that were below what they could actually afford. Millennials are also saving their money for sizable down payments.
" Again this year, the forecasters are predicting prices will rise more slowly in 2018. The inventory shortage got so intense this year that thousands of first-time buyers gave up because they couldn’t find homes to buy. Young buyers will continue to be frozen out of homeownership until either income rises or prices settle down."
I totally disagree with that paragraph in Ohio anyway, there are nice affordable homes to purchase. If you like to do updating the prices even get better. Lori sold a home in Lakewood to a couple that were millennials for $179,000 the home was a 4 bedroom 2 bath with a basement on a lovely street. The kitchen area needed updated and the wood floors needed redone. They will have a total of just over $200,000 when completed.
Homes are always for sale and the key is finding them. If you need to sell a home this is a great time to do it tons, of buyers wanting to purchase. If your looking for a home you need to know what you want and prepared to write an offer when you find that perfect home.
Me and Lori are residential specialist that know where to look for homes for you to live in or invest in. We have sold are last three home in 10 days or less. We also have all the services you need to update your home on a budget. Getting the right real estate agent makes all the difference in the world.
I'm Brett Call 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona