When looking for a home, one of the best places to start is by creating a wishlist of features you want or need in your new home. Think about how your current home works for you. What do you like? What don’t you like? Separating these items into lists of Wants and Must-Haves can help your agent (me) focus on what’s most important to you and cut through some of the noise.
Here’s an idea of some things might be on your lists.
2019 was a year of change both nationally and in the local real estate market. Nationally, sales of existing homes were up 4.6% and home prices were up 3.5%. Locally, our market was very similar, as 2019 saw more homes for sale, and modest appreciation. Both of these were welcome after a few years of historic lows for inventory and rocket-powered price escalation.
What is fueling the continued interest in real estate? Interest rates made a move back down after several months of increases. Buyer’s incomes have increased, leading to an all-time low payment as a percent of income of 15.2%. Part of this is buyers being more frugal and less willing to extend themselves. This has driven strong demand for house under $300,000 where quality inventory remains challenging.
New construction saw a resurgence with permits issued at the highest level since the start of the economic decline in 2007.
Millennial buyers are purchasing their first of second homes, and Gen Z buyers are starting their first home search. 35% of homebuyers in 2019 were under 35 years old.
Check out the graphic below for some more interesting facts.
At this joyous time of year, I have been reflecting on what a fantastic year it has been and thinking about all of the wonderful new friends I have been blessed to have made through my business. I am thankful for your trust and appreciate you allowing me the pleasure of helping you with your real estate needs.
I wish you a very Merry Christmas and a Happy New Year.