REASONS BEHIND A HUGE BUYER PENT UP DEMAND
I have already experienced an uptick in my listings in showings and offers. Here are three reasons why you can expect more buyers entering the market and appreciation for home owners increasing due to an even more competitive market and favor for both buyers and sellers. For buyers lower rates and more inventory to choose from and sellers increased appreciation.
1. Millennials are buying. The average age to own your first home is 26 – 35 years of age and nationwide we have over 45 million millennials in the age group poised to buy
2. Rates are expected to drop even further as we go into the second quarter of 2024.
It is expected once rates drop under 6% you will see more sellers on the fence joining the house buying journey due to the following reasons.
Over the last two years, there have been 3 million marriages, 1.5 million divorces, 7 million turn 65 years old, 4 millions deaths, 4 million new jobs and 50 million job switches, this change impacts why people move.
3. The unemployment rate as of November 2023 was 3.7% an all time low with an average since 2000 of 5.99%.
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