What's Ahead for the Housing Market - Austin Real Estate Agent

What’s Ahead for the Housing Market

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What’s Ahead for the Housing Market

When rates start to decline there will be an influx of buyers and sellers. Housing demand will be fueled by the largest generation of potential homebuyers ever – the millennials.

U.S. Millennial Population: 72 Million

  • Median age of people moving out of their parents’ house is 26
  • Median age of first-time buyers: 35

This is an image of a woman standing in front of a house holding keys.

 

 

 

 

 

 

The Impact of Baby Boomers

  • Largest group of all homeowners are 65+
  • Buyers 57+ are more likely to downsize
  • Baby Boomers are 52% of sellers

This is an image of a older couple. The man is seated on a couch and the woman is hugging him from behind.

 

 

 

 

 

 

Average Homeowner Equity is $274,000.

This is an image of a house sitting on top of money.

 

 

 

 

 

 

Top Reasons People Move

  • To be closer to family and friends.
  • Need more space.
  • Love their rate, but not their house.
  • Want a better neighborhood.
  • Want a vacation home.
  • Lots of equity, lots of choices.
  • Legacy real estate.
  • Time to downsize.
  • Out-of-area relocation.
  • Change of work or life.

This is an image of a woman sitting on the floor, surrounded by boxes, holding a tape gun to tape up a box.

 

 

 

 

 

 

Interest rates on a 30 year fixed mortgage fluctuate, but over the last three decades they’ve hovered in the 5-10% range. In 1981 mortgage rates jumped to 18.6%.

I know the market can be confusing, but I am here to offer clear, concise information you can trust. Feel free to contact me and I will answer any questions you may have.

For a printable version of this post, click here.

For  information regarding the Market Statistics for the Austin Area, click here.

SOURCES: 1. statista.com/statistics/296974/us-population-share-by-generation/ 2. nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf 3. bankrate.com/home-equity/homeownerequity-
data-and-statistics/ 4. bankrate.com/homeownership/home-ownership-statistics/#lowest-rates 5. freddiemac.com 6. nar.realtor/newsroom/nar-finds-typical-home-buyers-annual-household-income-climbed-to-record-high-of-107000

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