2014 was a great year for Blanton Realtors, as well as for the Louisville housing market overall, and before the last year was even out, there were already a number of predictions being cast for how the market would fare in 2015. We’ve rounded up some of the most relevant observations for the Louisville market.
- Don’t discount the millennials
- The generational impact on the housing market will never be more evident than it will be in 2015, experts cite. Just as the baby boomers changed residential real estate trends in the 1960s, so too will this fresh crop of millennials throughout this year (and most likely beyond)
- So what are these changes?
- Movement into the city, expensive and/or challenging areas – this phenomenon has recently been dubbed “The Millennial Mismatch“
- Zillow’s Stan Humphries predicts that: “Roughly 42% of Millennials say they want to buy a home in the next one to five years, compared to just 31% of Generation X.”
- Home prices are forecast to increase (but slowly)
- Year-over-year house prices (previously owned – not newly constructed) are showing that housing price gains slowed significantly last year (indeed, the prices of previously owned homes decelerated for nine months in a row from January 2014 through to September of the same year), and this trend is expected to continue throughout 2015
- Mortgage interest rates will rise
Have any questions on this information and what it means for buying or selling a house in Louisville this year? Don’t hesitate to contact Blanton Realtors at 502-741-2080 or 520-396-5214 and we’ll be more than happy to answer any queries you may have.