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3 Predictions For Renters And Buyers
IIf you're making big decisions about housing this year, you'll want to keep these factors in mind.
If you’re a renter, you (and your bank account) probably know this already but over the past decade or so rents have been going up and up!!! In many parts of the country rents have been increasing at a faster rate than home values. I have a hard time with that! Who else does? This has to stop! It should not cost more to rent than to own!
The good news is the rate of growth has gradually slowed since its high peak in July 2015 says Zillow.
While rents aren’t likely to drop anytime soon ( That is already obvious here in Colorado) their upward slope will be like a more moderate hillside instead of a glacial mountain — with notable exceptions in hot markets. So Colorado renters this means you. They still predict the cost of rent to increase another 5% or more this summer through fall. Even though we see apartments being built and you might think that means the cost goes down the truth is it doesn't. There is a demand but we still cant keep up. The truth is builders for homes and apartments just cant keep up with the demand for housing in Colorado. Everyone is moving to Colorado!! Which is a great thing if you can invest now in a home and you will guarantee to build equity faster than most other parts of the country.
Here are three top predictions for the rental market this year.
The hottest markets, like Seattle, Portland, the Bay Area, San Diego and Denver, will continue to see appreciation above 5 percent (and much higher in some neighborhoods), so it could take several more years before renters in those regions find some type of relief. Can you live in an apartment or rental with the rates going up every year? Maybe its best to use your tax refund as your downpayment and talk to a lender about what you can afford now while interest rates are low and before prices are at their peak in the home buying market.
The second is that millenials will become buyers. They are getting older and reaching new milestones that include having babies, getting married, and getting promotions in their careers. This usually coincides with looking for a home and having that security. Zillow found that millennials, more than any other generation, consider homeownership integral to the American Dream, and see it as a path toward greater personal freedom and security. With that being said there will be an increase in the number of home buyers.
The third prediction is the increase in the interest rate.
Economists have been expecting interest rates to go up, and the Federal Reserve did fulfill those expectations with its small rate increase. As unemployment rates fall and wages continue are expected to grow more rate hikes are likely. Of course we never really know when or how much but we are still at all time lows for interest rates. I remember my first home we were at 7% and we thought than it was pretty great and the lowest ever seen. When my parents bought a home it was at 12%. With the lower rates you can still buy a larger home and a home priced higher but with the interest rate predicted to go up that means a larger monthly mortgage and that means for some being able to afford a little less.
I hope I can answer any questions you may have about the housing market. If you currently rent Please let me help you connect with a lender and help you work on a mortgage that may not require a perfect credit score or a large downpayment. I promise to work hard to help you find your perfect home and help you build wealth faster than any other method.
Call or text me 303-597-6699 today so we can meet and talk about your home buying journey.
Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....