In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to purchase a home over the following twelve. The report signifies the proportion of all buyers that will be first-time buyers seeking to buy a house grew from 58% in This autumn 2018 to 63% in This fall 2019.
The outcomes revealed,
“Millennials are the most definitely generation to be making plans to purchase a home inside a 12 months (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective consumers in the youngest two generations are primarily first-time patrons: 88% of Gen Z patrons and 78% of Millennial consumers are reaching out to homeownership for the first time in their lives.”
With a high demand from first-time homebuyers and a scarcity of inventory within the present Wood County market, selling your current residence this 12 months may be your greatest transfer. Why? As a result of when Wood County homebuyers start their search, they’re not all looking for new construction|developments|buildings}. Many are eager to search out a little bit allure and character in a spot to name dwelling – presumably yours.
In fact, based on the identical research, there’s a important demand for current Wood County properties:
“By way of the kind of residence these potential residence consumers are taken with, 40% are looking to buy an current house and 19% a newly-built house. The remaining 41% would buy both a new or existing residence.”
With showing activity up among Wood County buyers and extra new developments coming to the Wood County market, as a home-owner, you will have the chance to list your current home now and transfer up into a brand new one, or downsize into a house that better suits your current and ever-changing needs.
Bottom Line
Not all Wood County buyers are in search of a newly constructed home. For those who’re able to benefit from low mortgage rates and a excessive demand for your present residence, let’s get collectively to determine how we’ll market the charming particulars of your present house to potential Wood County buyers.