Buying Homes in 2018 and Beyond
As 2017 comes to a close, just as when any other year come to an end, we wonder what the next year has in store for us. From hot new movies and book releases to fashion and business trends, there is a lot to look forward to. But how will 2018 affect the way people, especially millennials, new couples, and parents, buy homes? Let’s discuss.
Higher Rent Prices
Rent for homes and apartments is expected to increase even more in 2018, which can affect first-time homebuyers’ ability to save up for a down payment and a new home. It’s important to save for a new home—you never want to just jump into buying one. A few things you can do to manage your finances even in a world of high rent prices include budgeting, building your credit, and freelancing work to earn a few extra bucks.
No Housing Bubble
The Great Recession of 2008 brought a huge financial decline to the housing market, causing it to crash. Since 2008, though, the housing market has been on a steady incline, showing no signs of being in another bubble. While this means home prices are increasing, it also provides more stability for homebuyers in the long run.
A Lack of New Development
While the housing market has shown a steady incline, one thing it is struggling with is the development of new houses. In many states and cities in the U.S., the number of houses being built has steadily declined. With fewer people purchasing homes, builders are opting to build apartments and condominiums instead. According to statistics, aspiring homebuyers have better luck purchasing homes in the suburbs and smaller cities, like El Paso, than in larger cities.
Preparing to Buy a Home
As you know, people buying homes today have to go through a much different process than what our parents and grandparents had to do. To prepare to buy a home in 2018, a few things you can do is to save money, budget, better your credit score (but don’t apply for a credit card or loan right before you apply for a home, since it can lower your score at first), and look to communities with active home development and affordable home prices.
Homes from Cullers Homes
As future homebuyers, you have a lot to think about when it comes to purchasing a home in 2018. But if you’re looking for affordable, high-quality homes that you can call your forever home, we have them for you at Cullers Homes. Call today!
