Housing Market Predictions for 2015

Housing Market Predictions for 2015

As 2015 kicks off, it is the perfect time to look at where the housing market is headed. Luckily, there are many good signs that are expected to lead to a strong housing market this year. Some of the top housing market predictions for 2015 include:

  • Higher mortgage rates – although higher mortgage rates are not good for homebuyers, it is a good sign overall. Even though the mortgage rates are expected to rise, they are not expected to rise very much. By the end of the year, rates are only expected to reach around 5 percent.
  • Millennials entering into the market – the millennial generation is starting to enter into the housing market. These millennials are expected to make up around two-thirds of all homebuyers over the next few years. These millennials are also changing the way people are looking at the housing market. Still loaded down with student debt, millennials are looking for small, affordable houses in very popular areas.
  • New builds – in order to keep up with the millennial generation, homebuilders are breaking ground on new houses. These homebuilders will focus on “no frill” homes that millennials will be able to afford. Single-family home growth is expected to rise by over 20 percent during the next year.
  • Credit is still king – with looser mortgage qualifications, credit scores are more important than ever. However, there may be a trend towards allowing homebuyers with lower than usual credit scores to qualify for a home loan, allowing them to invest in their first house.

Contact Cary Amo in Lafayette, California for all of your home buying needs throughout Contra Costa County. As a real estate professional, I will help you find the perfect home in 2015, all at the right price.

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