The real estate market is picking up and and it is estimated that through 2015 a number of factors – including a growing economy, pent-up demand, and affordable mortgage rates and home prices – will keep the housing market moving upwards. For those looking for vacation homes or investing in rental property and beach property, a realtor who is familiar with the area is the best guide.
Realtors in Outer Banks will be able advise you on how to profit from investing in luxury homes, how to determine a good rental property, and much more.
An expanding real estate market
The real estate market is growing. Should you be part of it? According to Forbes, an estimated 1.5 million new housing units are needed every year to keep up with population growth. And now Millennials are beginning to turn into home buyers. In the year 2104, a third of recent home buyers – 33% – were first time buyers, typically aged 31 years. Repeat buyers are typically aged 53 years.
For around a quarter of all home buyers – 24% – the most important reason for buying a home was home ownership; the second most important reason for buying a home was job-related relocation, accounting for 9% of new home sales. For 8% of new home buyers, the reason was to own a home in a better area or due to a change in the family’s situation.
Local real estate agents are a good source of information
Whatever their reason for buying a new home, 98% of all buyers who used an agent to find a home considered their realtors to be a useful source of information. The number of buyers who bought their home through a real estate agent or broker has increased steadily from 69% in 2001 to 88% in 2014.
In addition, some 40% of home buyers find their real estate agent through a friend or family member. Home buyers are thus relying more and more on realtors to help them find suitable homes in the right neighborhood.