Within the newest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to purchase a house over the subsequent 12 months. The report indicates the share of all buyers that will likely be first-time buyers looking to purchase a house grew from 58% in This autumn 2018 to 63% in This autumn 2019.
The results revealed,
“Millennials are the most definitely technology to be planning to buy a home within a yr (19%), adopted by Gen Z (13%) and Gen X (12%)…Prospective patrons within the youngest two generations are primarily first-time consumers: 88% of Gen Z consumers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.”
With a excessive demand from first-time homebuyers and a scarcity of inventory in the present Lafayette County market, selling your current residence this yr is perhaps your best move. Why? Because when Lafayette County homebuyers start their search, they’re not all on the lookout for new construction|developments|buildings}. Many are keen to find just a little attraction and character in a spot to call house – possibly yours.
In actual fact, in line with the same examine, there is a important demand for existing Lafayette County properties:
“In terms of the kind of home these potential residence patrons are all for, 40% want to buy an present home and 19% a newly-built dwelling. The remaining 41% would purchase both a new or existing residence.”
With showing activity up among Lafayette County buyers and more new construction coming to the Lafayette County market, as a homeowner, you’ve the opportunity to list your existing home now and move up into a brand new one, or downsize into a home that better suits your current and ever-changing wants.
Bottom Line
Not all Lafayette County buyers are in search of a newly constructed home. When you’re able to make the most of low mortgage rates and a high demand for your current dwelling, let’s get together to find out how we’ll market the charming particulars of your current home to potential Lafayette County buyers.