Why should 2015’s financial trends impact on the Housing Market be any different today than the years before it?  Good question....it would certainly seem like we’ve seen worse. But, you wouldn’t be comparing apples to apples, because you couldn’t. ALL the trends that exist today didn’t exist then....not even last year!  So, let’s take a look:

IN: IMPULSE SPENDING

OUT: SAVING

I don't think this one needs too much explaining, however we do need to understand the #1 reason 2015 is so much stronger for impulse spending than other years. It begins with the addition of APPLE PAY gliding onto the scene of an already "incredibly easy" spending marketplace which then becomes "a genie in a bottle".  It is now so easy for you to buy anything from the convenience of your phone...not even your computer...that your bank account is never going to be the same. Unless we all put some self-restraint and budgets into place, saving money in general will be impossible and saving for your down payment and home maintenance will be a hurdle that first time home buyers will never be able to jump.

IN: LUXURY HOME BUYERS

OUT: FIRST-TIME HOME BUYERS? (Not so fast!)

With rent rising at an astronomical rate across the country and student loan debt at an all time high, saving for a down payment has thus far, seemed impossible for most first time buyers and is looking very bleak for 2015.  In fact, first time home buyers are at the lowest level they have been in nearly 3 decades, according to the National Association of Realtors (NAR). What is driving the market? The more stable of the group....Luxury Home Buyers! With higher incomes, job security and more equity they are able to get the loans they want/need with the most desirable terms....even if they are the ones who probably need it the least. However, with rent rising at such a significant pace many would be renters may look to buy a home which will force builders to focus on building more entry level homes versus the luxury homes that have taken focus on the past several years. Rents in most states have consistently moved upward making it MORE ADVANTAGEOUS to buy than keep renting and throwing away that high dollar amount monthly/annually. The next several months will tell the tale of First Time Home Buyers for 2015....but we definitely see more FIRST TIME BUYERS entering the housing market! 

IN: FREELANCERS

OUT: TRADITIONAL EMPLOYEES 

Confused or Amazed? For some ....both! But these numbers will astound you. At present, 34% or 53 Million Americans currently work as Fixed-term Contract Workers or Freelancers!! And more and more companies are looking to move in that direction. This makes it difficult for many individuals who are applying for mortgages since many times this is NOT a stable income stream. What they need to do is make sure to document ALL work and all corresponding payments from ALL sources so that it can be turned over to the mortgage companies to be verified at the time it needs to be done.   On the other hand, this has made it very easy for a family that has chosen to have a parent stay home with children, to now have an option to work from home, with flexible hours, and still produce a great second income. Or for the older person who may have retired from a career position but now has an option of doing a “hobby” type job from their home for extra income...on their own terms. So, is it good or bad? Really depends on whom you are talking with and what side they are on.

IN: LIVING IN PLACE

OUT: AGING IN PLACE

Baby Boomers are redefining what it means to grow old!  They want to keep their homes, take in the arts, seek out new health and wellness activities and participate in all aspects of their family & friends lives....on their own terms. This means that there is a whole new need for HOME REMODELING. They want to keep the unique parts of their homes, but upgrade to include the safety and security features they need as they have grown older. Curbless Showers, Higher Toilets, and Grab Bars but still not give up the Gourmet Kitchens and Master Suites of today and don't forget technology!

With all these trends in place, and the incredible swing of the Housing Market from 2014 moving back in the right direction, the Champaign/Urbana market is looking FANTASTIC  for 2015. We are looking at a consistent upward trend with existing home sales and New Home Construction to start building again. In fact I am extremely excited to share with you this extraordinary opportunity to build your DREAM HOME in this one of a kind subdivision in MT ZION IL!  This newly created subdivision is just being marketed and I will be announcing information on my social media in the coming weeks.

If you are looking to put your Champaign/Urbana home on the market, you picked the PERFECT time! Competition is at it's lowest right now, but you must take advantage of this exclusive time frame. Give me a call today at 217-202-8843 or check out my website at CHAMPAIGNROSE.COM.  You can also get a FREE HOME VALUATION by following this link: FREE CHAMPAIGN/URBANA HOME VALUATION

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