Top 5 trends That Influence the Real Estate Market

With the housing market always on the move, trends both old and new are aiming to shift with the years to come. With the current economy and the shifts in political areas, it seems like the real estate market is also on the rise.

Here are the top 5 trends that influence the real estate market.

Increase in rates

As housing rates continue to soar, we can expect at least another two increase of rates within the next coming year. As a result, this will lead to higher mortgage rates and make it all the more difficult for home buyers to purchase the ideal home that fits their needs.

More Credit Available

Despite the rise in mortgage rates, credit is becoming more available to the average consumer. This is because of the relaxed standards of lending as first-time buyers are given a break. In fact, first-time home buyers are being charged a lower fee than those who are have purchased a home in the past.

More Affordable New Homes

Another trend in the real estate market is the availability of newly built homes. With the demand for buyers, loose credit standards and higher wages for construction builders, this sets the right environment for new home models.

Mid-Sized Cities on the Rise

As more mid-sized cities continue to rise, people are moving to higher paying jobs outside of their comfort zone. The trend affects the market due to the lack of spaces where jobs are available. Since younger people are looking for high paying jobs and a low cost of living, this trend will continue to soar.

Foreign Buyers

Foreign buyers are people who purchase real estate in other countries than their own to keep money safe and protected. As the economy of some countries starts to slow, more people are turning to countries with stability and offers quality storage for their finances.

What is your opinion on these market trends? Comment below and tell us what you think!