Staying informed is one of the significant virtues of a property investor. Therefore, we at Wealth BCI bring you the updates on the hottest real estate market in Arizona. The following are five trends which are set to redefine the prospects of the US real estate market in the coming days.
- Home Prices Continue to Spike, Slowly
Our experts have done a comparative study. Home prices are expected to rise by 2.8% this year, compared to 3.3% and 5% in 2019 and 2018 respectively. However, it is important to note that home prices will only manage to crawl upwards, instead of recording a rapid spike as in earlier times.
- Mortgage Interest Rates Coming Down
Ever since the beginning of 2019, mortgage interest rates had been on the decline. According to our experts, the interest rates this year will hover around 3.6% for a thirty-year mortgage and 3.1% for a fifteen-year mortgage. However, owing to tariffs and trade wars, the numbers might change.
- Millennials Rule the Property Market
Like everywhere else, it is the millennial population which rules the property market. According to Wealth BCI readings, millennial investment comprised more than 37 percent of the property market last year. And the number is only expected to thrive by leaps and bounds in the days to come.
It is significant to note that there might be fewer offers on the horizon right now. For buyers, it is the usual words – keep saving and start developing the habit of compromising a bit along the way.
As far as the falling mortgage interest rates are concerned, it is pretty good news for sellers. For buyers, our experts recommend sticking to the fifteen-year model. It is the traditional approach; however, there cannot be a cleverer means to offset the current market dynamics. Lastly, with more Millennials in the scene, sellers should start knowing their buyers. Buyers, on the other hand, would do well to consider speaking to experts, like Wealth BCI, before making any property investment.
The property market is a rollercoaster ride. Each loop turns predictions upside down. Therefore, while searching for the ideal property, make sure to keep tabs on the aforementioned points and update yourself by the minute. For more help, you can contact Wealth BCI for all your queries.