The real estate market is always in a state of flux because different trends emerge and old ones fade. While the market is not quite back to its peak just yet, there are some very interesting trends that are driving the industry right now that are expected to flow through the remainder of 2014.
If you are planning on purchasing Wilmington NC real estate in 2014, here are the top five trends you should know about.
#1 – Urban Living is Hot
A decade ago, homebuyers were leaving urban areas for the sprawling openness of the suburbs. But, new trends are showing that there is a reversal going on as more and more people are being drawn back to the amenities and conveniences, like affordable public transportation, only available in urban areas.
#2 – It's a Seller's Market
As interest rates continue to remain low and the market gradually improves, sellers are now pricing their homes higher with the hopes of attracting buyers who want to buy while the rates are still low.
#3 – Single-Family Homes are More In-Demand Over Condos and Apartments
While the single-family market is improving, the market for condos and apartment dwellings hasn't experienced the same level of growth. This means that more people are buying single-family homes over condos, townhomes, and apartments.
#4 – The Real Estate Market is Fueled by the Local Job Growth
In areas where job growth is poor, the housing market is likewise lackluster. But, in areas where job growth is healthy, the housing market is noticeably improved. With Wilmington's unemployment rate well below the state average and dropping, the local real estate market offers plenty of opportunities for those looking to buy this year.
#5 – Millennials are Driving the Real Estate Recovery
The Millennial Generation is the driving force behind 2014's real estate market growth and studies show that those cities that attract this generation will fare best. Wilmington NC real estate has long been revered by the younger generation of home buyers because the city is technologically advanced and artistically inclined. In fact, according to the website, PolicyMic.com, Wilmington is the nation's best city for Millennials thanks to it being a "hub for the film and television industry as well as other cultural attractions."
Start Your Search for Wilmington NC Real Estate Today
It's anybody's guess as to how much longer the interest rates are going to remain low, so now is the best time to start searching for Wilmington NC real estate if you have any intention of buying a new home this year. Wilmington Real Estate 4U can help simplify your search. Just use our online property search tool and you'll receive a list of available properties that meet your criteria. For even more convenience and support, sign up for our reliable email updates. This free service will help you stay on top of local real estate changes, track your favorite properties, get notified of pricing changes, and so much more!
Wilmington Real Estate 4 You
Wilmington Real Estate 4 You