With the start of the new year we have been talking a lot about predictions and plans for 2021. However, real estate is all about the long-term, whether you are looking to buy your first home, looking to sell and upgrade or if you want to invest.
So let’s talk a little bit about the future of real estate. According to Realtor Magazine, Gen X and Millennials will likely keep the buying trend strong between now and 2028. The projection is that the number of households between 2018 and 2028 can increase up to 12 million. The average age to buy a home is 33 years old, and 15 million millennials are nearing that age. Even though newer generations buy home at a later age than their predecessors, the market faces a major inventory shortage.
This shortage will continue to affect prices and affordability, especially since low mortgage rates are further motivating buyers.
If you are looking to buy, then hesitation may lead to lack of options since waiting for new developments is a very long hurdle. If you are a potential seller, it may seem like it’s a good idea to keep waiting since prices can go up. However, as prices go up, affordability drops, which means demand will drop. If that happens, selling your property may not be as profitable as it would be now, since you can find buyers with almost no effort in this seller’s market, so now is potentially the best possible time to sell.
Investors are in a different boat altogether. With a lack of inventory, the rental market will boom once the pandemic is under control and the economy starts to recover. The millions of potential millennial buyers (by 2028) may have to spend years looking for a property, while they rent.
Or they may be willing to pay very high prices for properties in the future, if inventory is low and the pandemic related economic uncertainty is gone.
Whether you want to buy, sell or invest, having people who understand these intricacies and do the right research is important. Amin Vali Real Estate Investment puts in the time and energy to stay current with the market and be ready for the future in order to help our community with all their needs and wants.
Civil Engineer, MBA, Real Estate Agent
Amin Vali Real Estate Inc.
Persian Realtor,Persian Real Estate,
Cell phone: +1 (949)220-1000
Phone : +1(310)300-0011
Web : www.aminvali.com
E-mail : firstname.lastname@example.org
Realtor in Zutila Inc.