Last year there was some discrepancies over what the 2019 real estate market was going to bring. Many thought that interest rates would begin to rise which would mean that the numbers of buyers in the market would finally start to dip. Now that the year is in full swing we have a better gauge on the trends that we’ll see in the market throughout the year.
Millennials are continuing to enter the market as first time home buyers. However, they aren’t like the first-time buyers of the past.
Instead, millennials overall are very educated on the home buying process. Not only do they know what they’re looking for, but they have grown up in the age of technology. They are more educated than many past buyers on what they need to look at and know when buying a house.
While millennials have taken on bad stereotypes over the years, we are now seeing that when it comes to buying a house, they aren’t afraid of a little work. They grew up in an era where fixer uppers became incredibly popular. As a result, they like the idea of putting their own spin on the house they buy and they have access to an unlimited amount of DIY instructions thanks to the internet.
Rates have risen slightly on mortgages, but that isn’t scaring millennials away. They make up the largest percentage of buyers in the market.
And, it’s not just first-time home buyers. There are many of the older millennials that are reaching the point of wanting to upgrade from their starter home. These millennials are looking to capitalize on the still strong real estate market and move into the next level house.
Millennials are all about social media and they expect their real estate agents to be as well. They have seen the power of the social media platforms and are looking for real estate agents that know how to leverage that power.
That means if you are looking to sell your house in 2019 you want to understand how best to harness a strong presence online. This could be the difference in finding your buyer or not.
In 2019 the real estate market is still going strong. If you are a seller make sure you think about how these trends impact your ability to find the right buyer.
Carefully prepare your home sale, keeping in mind while millennials are the largest group in the market it doesn’t mean they are the only group. There are plenty of Generation X-ers and Baby Boomers in the market a well.
While these trends are worth your attention the old advice of spend time getting your house ready with maintenance and staging still hold true. Sellers always want to make sure your house stands out amongst the competition.