Baltimore Real Estate Agent Lee Tessier reviews some of the upcoming trends for 2015, outlining many of the different market conditions and how they're expected to impact both buyers and sellers alike.
There are many great Baltimore area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (410) 638-9555 for a FREE home buying or selling consultation to answer any of your real estate questions.
We expect 2015 to be a fantastic year in real estate. This is the year that we will really see millennial buyers come out in droves. With all the new first-time home buyers entering the market, it will be an opportunity for those of us who already are homeowners to move up into a newer, better home.
Buyers have been taking advantage of low interest rates for quite some time now. In the next 3 quarters, they are expected to rise as much as 1%, so keep that in mind. Just a 1% increase in mortgage rates will decrease your affordability by about 10%.
Another thing to keep an eye on is the 3% down payment loan options that will be coming on the market. FHA, Freddie Mac, and Fannie Mae are each coming out with 3-3.5% down payment mortgage options for first-time home buyers, or for anybody who can't afford a large down payment.
A few more important points for you to remember:
- With low oil prices, energy costs are going to remain low this year.
- If you've been thinking about investing in a rental property or two, now is a great time. For a $1,000 a month payment, you can rent out the property for $1,300 or $1,400 a month.
- A stronger economy will give consumers more confidence in the coming year.
If you have any questions for us at all, we would be glad to answer them. Just give us a call or send us an email.
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