We’re back to share with you a few more steering factors we believe will shape the real estate market ahead…
If you missed last weeks’ blog with the first three, take a look back here
The health of the Lowcountry market (especially second-homes and rental properties) depends greatly on the sense of wealth felt by buyers that originate from our primary feeder markets of which the current Top 10 are:
These markets have recovered well beyond their previous market-peaks of 2007-2008, yet most are showing signs of a “shift” away from what has been a long-standing seller’s market.
Buy vs. Rent
Increases in long-term rentals have pushed the pendulum of the buy/rent debate into the favor of buying, creating a new wave of first-time homebuyers into our marketplace. Buoyed by attractive interest rates and an overall increase in the desire for home-ownership, we look for this important buyer demographic to be especially active in 2019.
It’s fascinating to consider that, for the most part, Millennials have never known interest rates to be over 5%, while many others can recall the 30-year rate being as high as the upper-teens. That said, bank-money is still relatively affordable, and even though we expect to see rates continue to fluctuate throughout 2019, this shouldn’t be a major steering factor in the market.
Check back here next Friday for a few more…
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