It’s Thanksgiving, the time of the year when families in America express gratitude for everything they have been blessed with. If you are looking to sell a house in the USA online, you know that the real estate market there is on the up. Things are looking very good indeed.
Here are the top trends in the US property market this Thanksgiving.
#1: We just saw a record number of homes sold in the United States this October 2017 – the highest in 10 years. This is in spite of the damage done by the hurricanes to have hit Florida and Texas.
Home sales increased by 18.9% in September to hit 667,000, the highest in a decade, according to the Commerce Department. Even Hurricanes Harvey and Irma have had no damaging effect on the housing market, or on the economy, which is truly amazing.
"This is yet another sign that, as we first saw with the initial jobless claims data, the recovery from Harvey was very fast and the disruption from Irma in Florida was far less than initially feared," says Stephen Stanley, chief economist at Amherst Pierpont Securities.
#2: Millennials prefer to rent homes than to buy a house in the USA online. This is an interesting trend, and it makes the young people of today certainly different from the previous generations. The rental market is rising even higher than the property market. Rents are increasing at a seriously hot pace across the country. The high cost of living in the cities and short supply of housing stock means Millennials will continue to rent despite the high rental prices.
#3: There is a huge demand for single-family homes, which is much higher the supply. The homes that are in demand are those close to good schools, with more space and decent transport links. The age of the first time homeowners today is much higher than it used to be in the past.
#4: There is a shortage of inventory in the market, which is certainly a concern as we head into 2018. This has made buying a property in the US so much more competitive. There are dozens of bids placed on every new home that comes up for sale. What this does is to drive up the prices even further, which is great for the home seller.
#5: It does seem that Baby Boomers and millennials will influence how homes are designed. The newly constructed and renovated homes have much more livable and comfortable designs which are appealing to those in their 20s and 30s just as much as they are to those in their 60s and 70s.
#6: Home prices will continue to increase in 2018 as well, but at a slower speed. Over 100 housing experts and economists were surveyed in a recent Zillow Home Price Expectations survey. They said that they expect home prices to rise at 4.1% in 2018. This is certainly a very conservative estimate in our opinion.