The housing market crash of 2008 was a hard time for everyone, whether you actually owned a home at the time or not. However, recent studies have shown that ten years later, we are making considerable progress in recovering from that crash. If you are interested in buying a house, now might be the perfect opportunity.
If you have a home for sale, especially if it’s new, this is a great time to have it on the market. According to a recent survey, new-home sales in November 2017 were at the highest level in over a decade. This doesn’t mean that with an older home you’re completely out of luck. Selling a house is no easy task, so if you’re having trouble, be sure to get in touch with a real estate agent to get some outside help. You may not be hitting the right demographic.
Half of all current buyers are under the age of 36, putting them within the millennial generation. This means that they are a key demographic if you are looking for someone to buy a house. It is also a new development within the housing market, as it implies a shift in the near future where millennials will be the majority of homeowners. Since the end of 2017, homeowner rates are currently at a high of 64.2%. Which means not only is this a good time to be selling, but it is also an ample time to be buying a house.
The end of 2017 was a large resurgence in all components of the housing market. Not only are the rates of selling or buying a house on the rise, but so is homebuilding. According to the National Association of Home Builders and Wells Fargo, homebuilding has hit an all-time high since December 2017 as well. This means that not only has it become easier to sell or buy a home, but building one is also an option for you if you have the proper resources.
Each of these studies shows that all aspects of the housing market are on the rise. It’s becoming easier and more common to buy or sell houses as well as build them. Younger buyers are coming on to the scene as well, giving way to a new demographic. The housing market will only continue to change as the year goes on, so be sure to keep an eye out for any new developments and talk to a realtor if you’re looking to buy a house in the near future.