Real Estate
Financial Trends for 2015 That May Impact The Cheshire Housing Market
Of course Financial Trends impact the housing market, everyone knows that! But this year's trends hit a little harder than most.
Why should 2015’s financial trends impact on the Housing Market be any different today than the years before it?Good question....it would certainly seem like we’ve seen worse. But, you wouldn’t be comparing apples to apples, because you couldn’t. ALL the trends that exist today didn’t exist then....not even last year! So, let’s take a look:
IN: IMPULSE SPENDING
OUT: SAVING
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I don’t think this one needs too much explaining, however we do need to understand the #1 reason why 2015 is so much stronger for impulse spending than other years. It begins with the addition of APPLE PAY gliding onto the scene, an already “incredibly easy” spending marketplace becomes a genie in a bottle. It is now so easy for you to buy anything from the conveniece of your phone...not even your computer...that your bank account is never going to be the same. Unless we all put some self-restraint and budgets into place,saving money in general will be impossible and saving for your down payment and home maintenance will be a hurdle that first time home buyers will never be able to jump.
IN: LUXURY HOME BUYERS
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OUT: FIRST-TIME HOME BUYERS? (Not so fast!)
With rent rising at an astronomical rate across the country and student loan debt at an all time high, saving for a down payment has been impossible for most first time buyers. In fact, first time home buyers are at the lowest they have been in nearly 3 decades according to the National Association of Realtors (NAR). What is driving the market? The more stable of the group....Luxury Home Buyers! With higher incomes and job security and more equity they are able to get the loans they want/need with the most desirable terms....even if they are the ones who probably need it the least. However, with rent rising at such a signficant pace many would be renters may look to buy a home which will force builders to focus on building more entry level homes versus the luxury homes that have taken focus over the past several years. Rents in most states have consistently moved upward making it MORE ADVANTAGEOUS to buy than keep renting and throwing away that high dollar amount monthly/annually. The next several months will tell the tale of First Time Home Buyers for 2015....but we definitely see more FIRST TIME BUYERS entering the housing market!
IN: FREELANCERS
OUT: TRADITIONAL EMPLOYEES
Confused or Amazed? For some of us ....both! But these numbers will astound you. At present, 34% or 53 Million Americans currently work as Fixed-term Contract Workers or Freelancers!! And more and more companies are looking to move in that direction. This makes it difficult for many individuals and applying for mortgages since many times this is NOT a stable income stream. On the other hand, this has made it very easy for a family that has chosen to have a parent stay home with children to now have an option to work from home, with flexible hours, and still produce a great second income. Or for older persons who may have retired from a career posistion but now have an option of doing a “hobby” type job from their home for extra income from their home....on their own terms. So, is it good or bad? Really depends on whom you are talking with and what side they are on.
IN: LIVING IN PLACE
OUT: AGING IN PLACE
Baby Boomers are redefining what it means to grow old! They want to keep their homes, take in the arts, seek out new health and wellness activities and participate in all aspects of their family & friends lives....on their own terms. This means that there is a whole new need for HOME REMODELING. They want to keep the unique parts of their homes, but upgrade to include the safety and security features they need as they have grown older. Curbless Showers, Higher Toilets, and Grab Bars but still not give up the Gourmet Kitchens and Master Suites of today.... and don’t forget technology!
This is going to be a very exciting year for the Cheshire Housing Market. We will continue to see steady gains being made throughout the market in existing home sales and new construction. We are very excited to have a great new Cheshire Neighborhood for you to build your DREAM HOME! Meadowview Estates is a 14 Lot subdivision with gorgeous homesites, custom built single family homes, all in the acclaimed Cheshire Public School system by premier builder Diversified-Cook Hill, LLC. Contact Subdivision Managers- Katie Smith or Cheryl Rosadino for additional details or scheduling an appointment to start the process on building YOUR DREAM HOME!
If you are looking to put your Cheshire home on the market, you picked the PERFECT time! Competition is at it’s lowest right now, but you must take advantage of this exclusive time frame now. Give us a call today 203-272-2828 or check out our website at SallyBowmanRealEstate. You can also get a FREE HOME VALUATION by following this link: Free Cheshire Home Valuation
