In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a house over the next 12 months. The report signifies the proportion of all buyers that shall be first-time buyers trying to buy a house grew from 58% in This autumn 2018 to 63% in Q4 2019.
The results revealed,
“Millennials are the probably technology to be planning to buy a home within a yr (19%), adopted by Gen Z (13%) and Gen X (12%)…Potential consumers in the youngest two generations are primarily first-time patrons: 88% of Gen Z patrons and 78% of Millennial patrons are reaching out to homeownership for the primary time of their lives.”
With a high demand from first-time homebuyers and a scarcity of inventory within the present Monroe County market, promoting your existing dwelling this yr may be your greatest move. Why? As a result of when Monroe County homebuyers start their search, they’re not all looking for new construction|developments|buildings}. Many are eager to search out a bit allure and character in a place to call home – probably yours.
In reality, in line with the identical research, there is a significant demand for current Monroe County houses:
“When it comes to the kind of residence these potential residence consumers are occupied with, 40% want to buy an present home and 19% a newly-built home. The remaining 41% would purchase either a new or present dwelling.”
With showing activity up among Monroe County buyers and extra new construction coming to the Monroe County market, as a home-owner, you might have the opportunity to list your present home now and move up into a new one, or downsize into a home that better matches your present and ever-changing wants.
Bottom Line
Not all Monroe County buyers are in search of a newly built house. When you’re ready to take advantage of low mortgage rates and a excessive demand for your existing home, let’s get together to determine how we’ll market the charming details of your present home to potential Monroe County buyers.