Summary: Homebuyers are more hopeful about being able to find and buy a home in WA, OR, CO, or ID in 2019 according to a new report. Find out more about what the report said by clicking here.
With housing prices increasing at a rapid rate in markets across the US and mortgages becoming tougher to get approved for, many homebuyer hopefuls have found it very difficult to break into the market.
Particularly after the housing market crash of 2007-2008, mortgage lenders become much more stringent about who they lend to in an effort to avoid getting stuck with foreclosed properties.
But since then, the market has gradually strengthened, with prices of homes steadily increasing over the years. And it looks as though the tides have changed.
According to new data compiled in the Housing Trends Report from the National Association of Home Builders, an increasing number of homebuyers are feeling more optimistic about the real estate market in WA, OR, CO, ID, and other parts of the nation. More specifically, almost one in five buyers anticipates that their search for a new home will be much simpler and more streamlined over the next few months.
This positive outlook is more notable among the millennial demographic, which has had a particularly hard time getting into the market because of high housing prices, student debt loads, and lower income levels as they are still climbing the ranks in their careers.
More Hope in the WA, OR, CO, and ID Housing Market
The latest numbers from the report show that 22 percent of homebuyer hopefuls believe that they’ll have a much easier time finding and buying a home in the near future. That marks a 6 percent increase from the end of 2018.
As already mentioned, millennials are particularly positive about their outlook on buying a home. In fact, they’re more positive than all other demographics, including baby boomers, seniors, and Gen Xers.
Further, buyers are also feeling more optimistic about being able to find and buy the perfect house for them. Almost one-third of buyers believe that they’ll be able to locate the right house based on seeing more properties that they loved. Not only that, but the homes they liked were within their budget, too.
At least 30 percent of homebuyers in all regions across the nation – except in the Northeast – believed that there was more availability in the housing industry over the first quarter of 2019 compared to the fourth quarter of 2018.
Related: Washington Housing Forecast
Related: Colorado Housing Forecast
Big Plans to Purchase a New Home
The report from the NAHB also shows that both the millennial and Generation Xer demographics have big plans to become homeowners in 2019. More specifically, about 20 percent of millennials and 15 percent of Gen Xers have plans to make a home purchase this year.
Over three-quarters of millennials and just over half of Gen Xers will be first-time homebuyers.
The majority of buyers in these demographics – about 41 percent – also have plans to purchase an existing home rather than new builds compared to a mere 22 percent who plan to buy new construction.
In Need of a Mortgage to Finance a Home Purchase?
If you have intentions of buying a new home in Washington state, Oregon, Colorado, or Idaho sometime this year, call Sammamish Mortgage. Our team of mortgage experts has been in the business of providing home loans for many years and we would be happy to help you out.