Rates are going up, a recession is looming, and interest rates could still climb higher, but the question remains: should you lock in on a deal on a home and buy now? Well, this major life decision depends on several factors. To help you determine what to do, we discuss all the right reasons for you to look at new homes in El Paso!
Millennials are Always Looking
According to Stasia, “millennials were the largest generation group in the U.S. in 2021, with an estimated population of 72.19 million.” As the largest living population of adults, millennials are the reason why new homes sell so quickly. No matter what the climate of the real estate market looks like, you can always count on millennials to buy. Because of this, you should put your best foot forward and find a home you are interested in before the millennial population wipes out your options.
Seller’s Market is Here to Stay
Just as we mentioned, the real estate market for millennials is always hot, meaning people are also always looking to sell. You never know who might need to get their home off of their hands ASAP. If you are on the lookout, you just might get lucky with a listing that provides what you are looking for in a home.
A Slowdown is Coming
Prices on homes may still be peaking, but experts say a slowdown is in the foreseeable future if home sales continue to fall. That means the real estate market will stabilize and become much easier for any kind of homeowner or homebuyer. In the months of May and June, the market saw some ease, but it continued to wreak havoc throughout the summer. No need to worry as we could see a balance in the coming months.
Employment is Strong
Because of the current economic climate, employment is strong. This means you could find a new job offering a sign-on bonus and an increase in pay, making it convenient for you to buy a new home. All the employment opening up is one of the upsides to the economic climate. This also means that homeowners are likely to sell if they accept a new offer, which means more listings for you!
Your Family Situation
Expecting another family member to pop into the picture soon? Chances are, you’re going to have to make more room for the little one. Buying a new home is a major commitment, but it is definitely something to consider if you’re family is quickly growing. Getting a hard start on looking for a new and bigger home now means less to worry about in the near future!
Other major life changes that call for a new home include:
Relocation (moving closer to your job)
Taking in a loved one who needs care
El Paso Always Has an Affordable Market
El Paso is known for having one of the most affordable costs of living in the entire nation. Even better, the city is quickly expanding, with new homes and neighborhoods popping up all over the city. Find your dream home by working with a professional to get started on buying a new home so that you can beat interested buyers!
Buying Might Be Better Than Renting
Rent costs for homes, apartments, and all kinds of living situations have shot up dramatically in the past year. With that in mind, it may just be worth your while to invest in a home than pay a pretty penny for a home that is only temporary for you. Although, if the chances of moving soon are high for you, it may just be better to stay where you’re at.
Discuss Your Options with The Pros at Winton and Associates
Whether you are considering buying or investing in property, the first and most important step to take is to consult with a professional. We’re here to help you along the way. Give us a call at (915) 584-8629 to find a new home today!