Homeownership and the American Dream
As we approach the new year, we have been warned that the housing market is expected to slow down. The inventory of homes for sale has remained low for the the last six years or so, causing increases in home prices.
These trends have been great for sellers as they are able to capitalize the demand in the market and sell quickly and for a high profit.
One of the main causes for the consistently low inventory is the millennial generation, aged from 19 to 35. The entire generation is buying now and ditching the renting lifestyle. As more millennial reach their thirties and begin to get married and have children, they will continue to determine the demand for homeownership.
Although the housing market has been predicted to slow down come 2019, these trends show that the demand for housing will not slow down. Reports have shown that buyers under 35 are already out-buying older Americans.
If you are a homeowner, don't worry about the demand for your home to slow down. With a competitively priced home, there will be demand for years as the millennial generation is finally able to buy.