By Jace Thomas
•
April 27, 2021
From location, neighborhood, schools, bedrooms, bathrooms, layout, there is so much to consider when buying a house. The first, and most important, step however is understanding the housing market. A house is a huge investment and you want to make sure you get the best deal and strike while the market is hot. Unfortunately, it’s not as easy as, say, deciding on a wallpaper for your new bedroom. Luckily TPG Contractors & flooring is here to help! Though the housing market isn’t technically one of our contractor services, we still have a keen sense of what is going on. To help all the you potential home buyers (and sellers) , we have put together a little cheat sheet to help you understand what is going on in the market; is now the right time for you and your family? Now, with so much uncertainty in the world, it is harder than ever to figure out when it’s the right time to buy a house. There are a few factors that can change the market such as growth in population, immigation, vacancies for houses, dwelling demolitions as well as housing conversions. To help you get started, take a look at these three big factors. Current Affordability- There's one thing everybody can understand though, it's expensive! According the National Association of Homebuilders (NAHB) there is an all time low in the number of families with a median income that can afford to buy a home. Simply put, buying homes is more expensive. Student Debt: Many younger potential home buyers are unable to afford a new home due to student loans. These loans affect their credit, and their ability to receive a down payment making it almost impossible to afford a new home. Low Supply High Demand Another issue plaguing the market currently, is the famous "supply and demand." According to the S&P CoreLogic Case-Shiller National Home Price Index, prices are up over 11% from 2020. With such an increase in price, people are hesitant to put houses on the market, because nobody is buying. The good news? Market forecasts suggest that demand will start to diminish, because the prices are simply too high for potential buyers. When that happens, expect a window to open up for reasonable prices. TPG: Your trusted source for Contracting & Flooring Hopefully, our explanation has helped you start to get an understanding of what the market looks like currently. We recommend further researching the topic, even getting the help of a financial advisor to determine if now is the right time for you. And whether you are buying, and looking to make it your new home your own, or are selling, and need to spruce up your home, and need the help of a trusted general contractor. TPG Contracting & Flooring is here for you. With a vast array of home contractor services, our trusted experienced team of contractors can take on your home improvement job and with our expert customer service, you will have peace of mind, being informed every step of the way and sure your job is in good hands. Call us for Contractor appointments and estimates!