Jobs, costs motivate homebuyers in today's market
Posted on Monday, September 22, 2014 at 8:04:06 AM
The current housing market is shifting, and across the country, each specific location offers unique conditions and features that appeal to certain homebuyers.
For example, a RealtyTrac analysis of millennial and baby boomer real estate trends has found that two driving forces - jobs and costs - are prompting these demographics to pack their bags. Millennials prefer locations that provide strong employment opportunities, while many baby boomers are looking for cheaper homes in more affordable markets.
"The millennial generation is the key to a sustained real estate recovery and boomers who are downsizing are helping open the door for many first time homebuyers while also driving demand for purchases and rentals in the markets where they are moving," said Daren Blomquist, vice president of RealtyTrac.
Different regions can also present more specialized conditions for those seeking residential financing and great properties. According to Zillow, the West Coast is a seller's market, where homes are going quickly - and for high prices. On the other hand, recovering markets are better for buyers, since there are more deals to be had in these locations.