It’s official. 2015 is truly the year to buy your dream home.
According to U.S. News, the tough market for buyers will disappear, and the power of negotiation and decision is moving back to the buyers, where it truly belongs. It also seems that the millennials are taking over the market, shrinking the population of Generation X homeowners. This change has caused a shift toward more small-unit urban housing in metropolitan areas.
There are many things that contribute to this, with even gas prices contributing, according to Market Watch:
“Blomquist says lower gas prices could boost the refinance markets or encourage move-up borrowers. “I don’t see it moving the needle that much, [but] it could make some homeowners more comfortable tapping their equity,” for a large purchase such as a boat or a vacation home.
Gas prices fell for 88 straight days between Sept 25 and Dec. 22, according to AAA, to a national average of $2.39, down 85 cents a gallon from a year ago. The savings amount to about $450 million a day for consumers, AAA said.”
In this video, Christine Romans talks to Julian Castro, Secretary of Housing and Urban Development, about what this means for the “housing bubble”, and why it’s the time to buy.