Home Sales to Flourish in 2015
March marks the official beginning of the homebuying season. And according to Freddie Mac, 2015 could be the best year for home sales since 2007.
Many factors could potentially drive up home sales this year thereby giving the economy and housing market a much-needed boost. First, the government has worked on making homeownership more affordable by offering better loan programs, lower down payments, and more helpful options.
Secondly, the nation is finally experiencing an improvement in the labor market. Unemployment rates are down and confidence in job growth has increased. Now more than ever, millennials feel stable in their job and career opportunities moving forward.
Finally, with rent prices not appearing to budge any time soon, many potential buyers are feeling the push to get out of the renting market. Now that there are more loan programs available, we could see a rush on the purchase market, particularly for first time homebuyers. Rates are still relatively low and home prices are affordable. Many potential buyers will likely take advantage of both of these factors as well as low down payment options and become homeowners.
With all of these factors, 2015 could shape up to be an interesting and busy year for the housing market. So if you have been considering buying or selling a home this year, reach out to your trusted housing or mortgage professional today.