Zillow Makes Interesting 2015 Home Sale Predictions
One of the drags on the real estate market has been the lack of first-time buyers, which traditionally make up over 30% of the housing market. Due to a number of reasons – high debt, stagnate wages, high unemployment – these buyers have stayed on the sidelines even after the Great Recession officially ended.
Now Zillow polling indicates 42% of Millennials says they will buy a home in the next 5 years. That’s significantly larger than the 31% of Generation X who indicate they would purchase a home. Adding to that, Zillow predicts that Millennials will make up the largest group of home buyers by the end of 2015.
One factor Zillow cites as a driver of Millennial home sales is the continued increase in rents across the country. Higher rents in 2015 will make buying a home with a fixed mortgage payment even more attractive than paying increasing monthly rent payments. Another factor is the increase in wages for younger workers – wage growth is a key driver of home value appreciation.
How does this affect Ox Bottom homes in 2015? The older segment of Millennials – 30-34 years old – are in a good position to purchase an upscale home. These buyers closely identify with technology, modern style and family life. So, an updated home with newer technology such as energy-saving appliances, lighting, or home control systems will be very attractive to this segment of buyer. This generation, at least at this point, are not as interested in fixing-up a home. They would rather enjoy a move-in ready home and use their time in other ways.
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