According to BMO Harris Bank, this year is looking to see a large increase in home buying, specifically from the age group ranging from 18 to 34 years old. For several years this age group has been waiting out the economic downtown through living at home or renting. As a result from watching so many people lose their homes in the recession, purchasing their first property has more weight to it than later generations who are already entrenched in the home buying world. However, over the next 12 months this is about to change. With inventory still relatively low and more people in this and other generations entering the market every day, the time to buy really is now.
As you will see in the graphic above, the percentage of 18-34 year olds who are looking to buy in the next five years is a significantly larger percentage which will result in higher prices and rates. If you purchase a home over the next year then you not only have a chance to buy on the lower end of the pricing scheme, but you also have a chance to build equity in your home and re-sell in the next few years when demand increases. For more information on buying a home in and around the Salt Lake City area, please let us know, we would love to answer any of your questions!
