It is anticipated that year 2015 will be a big year for homebuyers. Here are just a few of the changes that are expected in 2015:
- Rent will raise around 3.5% and home values will continue to appreciate
- Builders will begin constructing more, less expensive new homes.
- Millennials will overtake Generation X as the largest group of homebuyers.
- Homebuyers will have more negotiating power.
In general, it is expected that buyers will get back more leverage in the market. As Dr. Stan Humphries, Zillow chief economist says, “Since the recovery began in earnest in late 2012, buyers have really taken it on the chin, forced to contend with low inventory, tight credit, bidding wars and intense competition from investors and all-cash buyers. But next year we’ll start to see things really turn around. More inventory will continue to come on line, putting the competitive pressure on sellers for a change. This more balanced market will be smoother sailing for everyone, both for buyers in search of a competitive advantage, and for sellers who turn around and become buyers themselves.”
Next year looks to be a market that will balance out for both buyers and sellers—a benefit for everyone! But it is important to remember that no matter what the market does, the best time to buy or sell is when YOU are personally ready.