The real estate industry has been revitalized recently, the days of the poor sales have disappeared with a more stable growing economy and many locations are seeing an increase in not just sales but also the value of homes. This is a good real estate economy for both sellers and buyers since the interest rate […]
The real estate industry has been revitalized recently, the days of the poor sales have disappeared with a more stable growing economy and many locations are seeing an increase in not just sales but also the value of homes. This is a good real estate economy for both sellers and buyers since the interest rate is still low, but home values have increased. This can be seen in many locations including the outlying islands off the East Coast including fripp island homes for sale beaufort sc that has seen an increase of as much as 9 percent in home sales. Though in the states these islands are attached too such as South Carolina saw a lower real estate increase of 4.7 percent. Nationwide the increase seen in the real estate market is at a 7 percent average.
Reasons for Real Estate Increasing Trends
The main reasons the real estate industry is seeing increased sales and purchases are based on the two main factors the economy and interest rates. Interest rates have only been raised a small amount since the real estate market was in a slump and foreclosures were higher than sales. Low-interest rates are attractive to property buyers since it will result in paying back less interest on the purchase price and term years of the mortgage. The second factor and the largest for selling and buying property is the economy which has seen growth with continuing new jobs being added ensures people wanting to buy a home will be able to pay the mortgage, which is the opposite of what was seen just a few short years ago. These two things are what affect real estate trends for whether the market is good or bad for sellers. Real Estate experts are weighing in with predictions that the market will even get more robust as the economy keeps growing and unemployment remains low. The numbers for the past year showed a marked improvement in home and property sales.
Who is Buying and Who is Looking?
The market is varied with older adults looking for smaller and interesting locations for home buying with the children grown and retirement at hand. The millennial generation is beginning to purchase homes and condos after having rent in past years they are looking to build equity. This is not an uncommon occurrence in the real estate market since larger homes are an expense to keep up, heat and cool once the family is grown and all the extra room not necessary. The younger generation is now looking for homes as they begin to have families or growing families with the addition of more children. This has happened for generations, but the difference is the booming economy that makes it possible for more people to look for homes to purchase than in past years. There is also the family that has been renting due to the downturned economy who are now able to buy a home because of increased employment or rising wages. All these factors make the trend in real estate good for people selling a property and people looking to buy their first, second or third home.