2015 Real Estate Outlook
We’ve been through several bumpy years in the real estate market. During 2014 we have seen significant change on the positive side of the housing market and 2015 is already looking good too. The nation’s leading housing experts are saying we will have a smooth ride in the real estate field during 2015.
The chief economist of Zillow, Stan Humphries says he is expecting home values to rise an average of 2.5% in 2015. It’s a little lower than the 6% that we have seen over the past year, but it is still a positive outlook. It’s this slower pace and home builders building new construction with lower price homes that should help bring in more first-time buyers to the real estate market.
Stan Humphries said he is also expecting that these first-time home buyers will be younger buyers who are ready to take the dive into homeownership. The high cost of rent has help propel this resolution. And renting doesn’t look like it will be declining any time soon. It is expected to actually go up to 3.5%, which will be faster than sale prices. This will make the security of owning a home more attractive to renters.
By the end of 2015, the millennials; people under 35 will be the biggest part of the nations homebuyers. That may even beat out Generation X since they will be buying into a more stable real estate market. Home sellers will really benefit from this activity a lot. This newer market will have things on auto pilot for both buyers and sellers.
If you are looking to buy a home, don’t forget about sunny St. George UT. It’s where you will find clear, blue, sunny skies, add a few, fluffy white clouds, red rock mountains, green golf courses, picturesque walking trails, thriving businesses, great shopping and more. St. George is famous for its mild, balmy winters and over 300 days of sunshine per year! We have very low humidity year-round which adds to the quality of life here.
This 2015 real estate outlook is brought to you by: Erika Rogers – your real estate leader in St. George, UT and surrounding communities specializing in new construction, golf course communities, gated communities, 55+ adult communities, St. George luxury real estate, and foreclosures in all Southern Utah communities.
Also posted at: http://stgeorgeutahrealestateforsale.com/2014/12/2015-real-estate-outlook/