The Housing Market: Is It Better Than Ever Or Worse Off?
A sensitive subject for a lot of business people, the housing market continually goes through ups and downs. One year, the market will be booming and houses will be sold at or above market price. Real estate agents will be having a great year and homeowners everywhere will be satisfied with their purchased. Other years, unfortunately, the housing market lacks in productivity and houses are not being sold nor are they being bought. In fact, in 2016, the homeownership rate was at its lowest in about 50 years. There are a variety of reasons that people are buying homes less and less compared to five decades ago. We will explore these reasons below.
Who Are Buying Homes Today?
As a realtor, this is one of the most pressing questions. What part of the population is actively going out and buying homes? Who is selling their homes? Who is my demographic and where will the majority of my clientele come from?
According to the Census Bureau, the median sales price of new houses sold as of the beginning of 2018 was $326,800. The people who are buying homes are the ones financially able to do so. In fact, millennials and Gen Y’ers made up about 34% of home buyers in 2017. This number is only expected to rise in the upcoming years. This is good news, as the productivity rates for real estate agents will directly be effected.
Reasons For A Good And Bad Housing Market
The biggest reason for a bad housing market: the economy. The biggest reason for a booming housing market: the economy. The productivity of the economy directly reflects whether or not people are buying. Realtor cms software provides
comparative market analysis so real estate agents are constantly in the loop. When the housing market is in the green, many people look for financial opportunities and buy for investment purposes. Approximately 19% of the houses bought in 2016 were for investment purchases. With cma software for realtors, these cma tools are provided to follow the market’s productivity so real estate agents can be on the frontline when these booms in the market occur.