Every real estate investor should make it a priority to stay up to date on the most recent real estate trends. Are you aware of what the experts are telling you to expect in the coming year? If not, read on to learn more!
Trend #1: An Increase in Interest Rates – Over the past few months, many homeowners have enjoyed nice, comfortable 4.5% interest rates on their 30-year fixed mortgages. But it looks like we’re in for a slight increase – up to 5% or more.
Trend #2: Make Way for the Millennials – It’s hard to believe that the millennial generation is ready to buy their first homes, but it’s true! They’re actually at the prime age. Currently, the number of homeowners in this generation is quite a bit lower than the number of homeowners in the U.S. market as a whole. This means more millennials will be ready to buy very soon.
Trend #3: The Suburb Boom – In past years, living in bigger cities was something almost everyone wanted. But that seems to be fading as more and more people are expressing interest in what experts call second-tier cities. They can often find much better value in these locations, and many of these homes are simply stunning.
Trend #4: Housing Affordability – At this point, it’s actually much more affordable in many markets to rent than it is to buy. Investors might be much more inclined to keep a lookout for multi-family homes as more people choose renting over the course of the next year or so.
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