With mortgage rates low in comparison to last year’s estimates, the US real estate market looks promising for home buyers. National Realty Investment Advisors, LLC recently shared similar insights to help prospective home buyers. Below are some of the most important trends that will influence the purchasing and selling of homes all over the United States:
It has been reported that lenders are no longer requesting perfect credit scores for loans. The average credit score for mortgages has recently declined in comparison to the figures from past years. However, no further dip has been predicted yet. So, if you are interested in purchasing a home you might want to consider acting as soon as possible.
Priority to Affordability
The millennial generation seems to prefer affordable housing to luxury living. Buyers are now willing to migrate to places that offer affordable housing options. While some report it might be because of better job opportunities of such locations is responsible for the shift, the reason could just as easily be due to a limited budget and decrease in average family income.
A survey reports that young home buyers are not viewing home-purchases as an investment. This completely contradicts the home buying philosophy of baby boomers. So, it would not be wrong to say that ideology of home ownership is slowly changing.
Growth of Housing Market
A survey conducted by the National Association of Realtors report that inventory of used homes has gone up this year. With more homes available for purchase, the market may see some serious sales.
According to National Realty Investment Advisors LLC, the most fascinating point surely is the changing dynamics of the housing market. Millennials have different ideas about home purchase but one thing is certain – demand of rental townhomes is going up.
Young adults want to have the comforts of a home without tying a lot of money in a home purchase. So, if you are planning to invest in real estate, than it would be wise for you to invest in a luxury townhome that comes with guaranteed rents and complete professional management.
Call 201.210.2727 to learn how you can own pre-rented townhomes in Philadelphia for only $11,900 plus financing.