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Realtor.com Releases its Predictions for 2018 (Part 2: Millennial Shoppers)

The chief economist for Realtor.com sees hope for young first-time buyers

By Mike Hall, Broker/Agent/Owner

millenial home shoppers

Millennial buyers will make up a greater portion of the market in 2018.

While things are still looking rough for those in their 20s and 30s who are balancing overwhelming student debt with tough job markets, Realtor.com’s chief economist Danielle Hale predicts that there is a reason for milleninnial home buyers to celebrate in 2018. Many of these individuals and families are finding their financial footing with better jobs, saving strategies, and a slightly improved housing market.

As millennial buyers are starting families and pursuing more rooted futures, many banks are approving mortgage their mortgage loans. And with a slight ease to the market predicted for 2018, especially later in the year, Millennials could make up 43% of home buyers taking out a mortgage by the end of the year. This is up 3% from 2017, and that increase could result in hundreds of thousands of homes purchased.

If they’re considering buying this year, millennial shoppers should act soon! The mortgage rates are expected to reach 5% by the end of the year. Talk...

Realtor.com Releases its Predictions for 2018 (Part 1: Demand, Meet Supply)

The chief economist for Realtor.com suspects the supply of houses will finally increase

By Mike Hall, Broker/Agent/Owner

 new home construction

New constructions might bring relief to the tight housing market in 2018.

Anyone who has been looking to buy a house lately has probably noticed a shortage – there seem to be a lot more people wanting to buy a house than there are houses available for sale. But that might finally change, predicts Realtor.com’s chief economist, Danielle Hale.

Hale suspects the shortage will stay pretty tight in the first quarter, but believes that there will be more houses ready beginning in the fall, mostly due to new constructions. She expects the houses to first be available to those in the $350k or higher range, and eventually trickle down into the lower-cost markets as well.

There is also the speculation that as the tension in the market eases, the price growth will also slow, though not for awhile.

But you don’t have to wait for market changes. We’d love to start your search with you any time you’re ready! Contact an agent today to discuss the options and opportunities in the Louisville area.

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