February 21st, 2019
2019 Home Buying Trends That Will Impact the Market
In recent years, millennials have dominated the housing sphere in most national markets by purchasing their first home. The buying trends among this age group are worth noting when looking forward at real estate in 2019. According to Inman, young adults care about features beyond the price-per-square-foot when buying real estate.
With home prices continuing to rise, many young home buyers are finding it harder and harder to keep up with the cost of today’s real estate. In addition to affordability concerns, millennials are having trouble qualifying for a mortgage due to their debt-to-income ratio and saving for a sufficient down payment considering these high costs.
First-time homebuyers are also hitting a roadblock with mortgage interest rates, as rates continue to rise. This results in many settling for a smaller home than originally intended or continuing to rent instead of buy.
So once these young homebuyers are able to purchase, what are they looking for? Studies show that millennial homebuyers consider a location’s walk score when searching for homes. A walk score incorporates an area’s walk routes, pedestrian friendliness, population, and other neighborhood data. People are now looking for areas where restaurants, shopping, and entertainment are accessible without driving.
Millennial homebuyers are also considering green construction more than ever. Homes that are built while considering energy savings and consciousness are growing in popularity the same way that smart homes are. Homes with energy-saving appliances, heating and air, and infrastructure are preferred for young buyers.
If you are a first-time homebuyer and are experiencing any of these concerns and interests, you are not alone. With the right counsel from real estate and mortgage professionals, these needs can be met. Helen Adams Realty’s agents are knowledgeable in the Charlotte area marketplace in regards to home prices, neighborhood information, and lending programs. Talk to one of our skilled professionals about your specific home buying situation and get your questions answered.
Looking for a real estate agent in Charlotte? Our Referral Services Manager, Jordan Nelson, can play matchmaker for you and find the right agent that fits your housing needs.