FINANCIAL TRENDS FOR 2015 THAT IMPACT THE CHESHIRE REAL ESTATE MARKET
These are the trends that are being predicted that can and will have an impact on the housing market. How much of an impact will really come to bear after the first quarter of the year.
IN: IMPULSE SPENDING
I don’t think this one needs too much explaining, however we do need to understand the #1 reason 2015 is so much stronger for impulse spending than other years. It begins with the addition of APPLE PAY gliding onto the scene of an already “incredibly easy” to spend marketplace becomes a "genie in a bottle". It is now so easy for you to buy anything from the conveniece of your phone...not even your computer...that your bank account is never going to be the same. Unless we all start to show some restraint and put some budgets into place, saving money in general will become impossible and saving for your down payment and home maintenance will be a hurdle that first time home buyers will never be able to jump.
IN: LUXURY HOME BUYERS
OUT: FIRST-TIME HOME BUYERS? (Not so fast!)
With rent rising at an astronomical rate across the country and student loan debt at an all time high, saving for a down payment has been impossible for most first time buyers. In fact, first time home buyers are at the lowest they have been in nearly 3 decades according to the National Association of Realtors (NAR). What is driving the market? The more stable of the group....Luxury Home Buyers! With higher incomes and job security and more equity they are able to get the loans they want/need with the most desirable terms....even if they are the ones who probably need it the least. However, with rent rising at such a signficant pace many would be renters may look to buy a home which will force builders to focus on building more entry level homes versus the luxury homes that have taken focus over the past several years. Rents in most states have consistently moved upward making it MORE ADVANTAGEOUS to buy than keep renting and throwing away that high dollar amount monthly/annually. The next several months will tell the tale of First Time Home Buyers for 2015....but we definitely see more FIRST TIME BUYERS entering the housing market!
IN: FIXED-TERM CONTRACT WORKERS
OUT: TRADITIONAL EMPLOYEES
Confused or Amazed? For some ....both! But these numbers will astound you. At present, 34% or 53 Million Americans currently work as Fixed-term Contract Workers or Freelancers!! And more and more companies are looking to move in that direction. This makes it difficult for many individuals who are applying for mortgages since many times this is NOT a stable income stream. What they will need to do is make sure to document ALL work and all corresponding payments from ALL sources so that it can be turned over to the mortgage companies to be verified at the verification time. On the other hand, this has been a dream come true for a family that has chosen to have a parent stay home with children, to now have an option to work from home, with flexible hours, and still produce a great second income. Or for the older person who may have retired from a career position but now has an option of doing a “hobby” type job for extra income...on their own terms. So, is it good or bad? Really depends on whom you are talking with and what side they are on.
IN: LIVING IN PLACE
OUT: AGING IN PLACE
Baby Boomers are redefining what it means to grow old! They want to keep their homes, take in the arts, seek out new health and wellness activities and participate in all aspects of their family & friends lives....on their own terms. This means that there is a whole new need for HOME REMODELING. They want to keep the unique parts of their homes, but upgrade to include the safety and security features they need as they have grown older. Curbless Showers, Higher Toilets, and Grab Bars but still not give up the Gourmet Kitchens and Master Suites of today and don't forget technology!
This is going to be a very exciting year for the Cheshire Housing Market. We will continue to see steady gains being made throughout the market in existing home sales and new construction. We are very excited to have a great new Cheshire Neighborhood for you to build your DREAM HOME! Meadowview Estates is a 14 Lot subdivision with gorgeous homesites, custom built single family homes, all in the acclaimed Cheshire Public School system by premier builder Diversified-Cook Hill, LLC. Contact Subdivision Managers- Katie Smith or Cheryl Rosadino for additional details or scheduling an appointment to start the process on building YOUR DREAM HOME!
If New Construction isn't what you are looking for in Cheshire, make sure to sign up for our FREE LISTING ALERTS! You'll be notified by email FIRST when a property with your preferences comes onto the market. Don't be left out....get on the PREFERRED LIST NOW...just CLICK HERE!
If you are looking to put your Cheshire home on the market, you picked the PERFECT time! Competition is at it's lowest right now, but you must take advantage of this exclusive time frame. Give us a call today at 203-272-2828 or check out our website at SallyBowmanRealEstate. You can also get a FREE HOME VALUATION by following this link: Free Cheshire Home Valuation
Sally Bowman Real Estate
Follow Us on Facebook
Tweet Us on Twitter
Hangout With Us on Google+
Connect with Us on LinkedIn