According to the latest Aspiring Home Buyers Profile by the National Association of Realtors (NAR), 82% of surveyed renters desire to own a home in the future, with 80% believing homeownership is a big part of achieving their American Dream.
The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.
So, what is holding renters back? 56% believe they cannot afford to buy a home, 25% feel that they need the flexibility of renting, 10% do not want to responsibility of owning, and 9% cited “other” as a reason.
What would make renters take the plunge? 32% cited a change in lifestyle, 30% reported an improvement in financial situation, 12% said a desire to settle down in one area, 11% claimed a better or more stable employment, and 7% cited “other”.
NAR’s Chief Economist, Lawrence Yun believes that,
“Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher.”
Yun goes on to warn that,
“However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner.”
If you are one of the many homeowners in Shasta County whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! Read Josh's Proven Marketing Strategies on our website.
First-time buyers are out in force looking to achieve their American Dream. If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale and a really good price! Call us at 530-222-3800 or email me at firstname.lastname@example.org, I'd be happy to discuss what options are available to you.