3 Issues Facing Today’s Real Estate Market
Last week, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate,” given by Joseph Nahas, Jr., Chair of the Counselors of Real Estate & Senior Vice President of Equus Capital Partners.
The Counselors of Real Estate (CRE) “is an international organization of high profile property professionals which include principals of prominent real estate, financial, legal, and accounting firms as well as recognized leaders of government and academia."
With promises of 2-day shipping no matter where you live, we are benefiting more now than ever before from the speed and ease-of-use of online retailers like Amazon. These e-retailers haven’t changed whether or not we buy certain items, but rather HOW we buy them!
By now we’ve all heard that the millennial generation is the largest yet, just by sheer volume. The largest group of millennials turns 30 years-old in 2020. The average first-time home-buying age is between 30 and 32, depending on marital status. Real estate professionals will be inundated with more and more buyers as the years roll on.
Nahas commented on this in his presentation, saying that, “Too many developers have become dependent on making decisions based on baby boomer’s preferences. The 75 million millennials are coming, and they will influence real estate and commerce even faster than the baby boomers in the 50s and 60s.”
The interest rate that you secure for your mortgage is a big factor in your monthly housing cost and in how much you ultimately pay for your home. According to Freddie Mac’s Primary Mortgage Market Survey, rates rose to 4.62% on a 30-year fixed rate loan last week.
If you are planning on buying and/or selling a home this year, let’s get together to help you navigate the conditions in your market and set you up for success.
Article by KCM.com
