Understanding the Changing Housing Market: Part 2

new homesThe housing market is facing some major changes. Hopefully, the majority of these changes will lead to a healthy and strong market for all, but it’s unrealistic to think that there won’t be any kinds of setbacks. 

As far as buying new homes is concerned, at least in some parts of the country, things are looking fairly good. Not so much in other areas, however, where finance problems and a lackluster market are causing some serious concerns. 

According to The New York Times, the new tax bill is causing some conflicting issues within the housing market. 

“The current tax code favors people who are buying a home versus the rest of America,” said Glenn Kelman, CEO of Redfin. “As a captain of industry, I would prefer more tax breaks to help people buy houses, but as a citizen, I realize someone has to pay.” 

Along with the various tax changes that are affecting the housing market, the fact that young millennials are breaking into the buying sector is significantly impacting the market as well. You’ve already read about how millennials prefer smart homes with high energy efficiency levels, but there are some other aspects of homeownership that haven’t been as popular over the years. 

These millennial homebuyers not only want energy efficient homes and properties close to vibrant nightlife, they want to live in areas where they feel safe and comfortable walking around, too. In fact, 56% of millennial homebuyers (compared to 46% of baby boomers) prefer to live in neighborhoods that are much more walkable. 

Though millennials are using the Internet and even their smartphones much more than any other group to purchase homes across the country, they are also relying on realtors more than anyone as well. Business Insider adds that 92% of the millennial generation purchased new homes through a realtor, coming in as the highest demographic. 

If you’re serious about buying a new home and want to browse some luxury real estate and new homes in Delaware County, you’ve come to the right place. To check out some luxury homes for sale in a great area, contact West End Walk today and good luck on your search for the perfect home!