Homebuyers are turning to these two demographics for their next purchase. Homebuyers have been hit by a variety of factors including the current housing market, weakened economy, and skyrocketing mortgage rates. Homebuyers have also been frustrated with limited foreclosures, skyrocketing interest rates, and a lack of affordable homes in many areas. With all of these concerns in mind, many quick property buyers with cash are focusing on two specific groups - those who are veterans and military personnel.
According to the National Association of Realtors, there has been a significant increase in first-time buyers over the past five years, particularly among military spouses and former military members. The association also notes that there is a growing trend of more recent home buyers, particularly those connected with the military. There has also been a recent surge in national home buyers connected with the New Economy, which is an overall increase of buyers from low- and moderate-income families.
The National Association of Realtors notes that there are many reasons why recent home buying has been affected by the current real estate market. Foreclosures are down, which is good for most buyers. The weak economy has caused employment to be lost or reduced, which is also good for some buyers who have lost their jobs. Home prices have increased in many areas, which is good for those who can afford to pay more. Many military personnel have been transferred to other branches and are finding it difficult to find a new position.
The weak economy is having a greater effect on the national association's overall national home buying statistics because a smaller number of buyers are looking at properties that fall into the priced range. Those who have price ranges that fall into the mid-priced range are not as likely to purchase. The national association says that there is a slight decrease in homes that fall into the priced range, but the number of people purchasing homes is still very high. Real estate agents say that the numbers are probably understating the actual number of sales.
If you are a buyer, what would be the best approach for your home search?
Do you go after properties that fall into the priced range, or are you better off looking at homes that fall into the lower-priced range? Most as is property buyers in the area would say they prefer the lower-priced homes because they can afford to pay the price more easily. One thing you want to do is to visit open houses, and look at properties that fall in the priced range so that you can look over them more closely before making a final decision. When visiting open houses, if a real estate agent is not showing any houses, that could be a sign that they have some houses that are too expensive for your budget.
Another thing to watch out for is home sellers who say they are not looking for any buyers, when actually they are showing a lot of homes. Look for signs on the house or yard that indicate that there might be someone there. One sign is a yard sign that has your name and phone number on it. Real estate agents have to make a living and if they are not showing houses, it means they are trying to get rid of these homes. To get a detailed overview of this topic, see here: https://en.wikipedia.org/wiki/Real_estate.