It’s a term my beloved dad loves to use to express enthusiasm and one I saw used in Realtor Magazine to reflect the current “mood” of many buyers across the US right now. To say many are “bullish on moving” is a great use of this much-loved expression!
Based on results from a recent NAR homeownership survey, 63% of buyers are feeling that now is a great time to buy. Moreover, 74% of sellers surveyed feel that now is a great time to sell. The universal tone of optimism clearly is resonating in the real estate market as we launch into 2020.
Low mortgage rates and a belief that the economy is improving are key players in the recent igniting of the real estate market. I’m witnessing it here daily with a phone that won’t stop ringing and daily home searches in the dozens being done for clients ready to buy. A recent post I published revealed that the supposed spring market is starting earlier and earlier with each passing year with many in fact beginning their home viewings ( in person, not online!) now, in January!!! This is a trend not only happening in RI but nationwide.
Another trigger for the rise in buyer activity is the length of homeownership. Up until not long ago, the average homeownership was 7 years. It then shifted to 13 years. Well, those homeowners are now ready to bite the bullet. While it’s a great time for first-time homeowners to buy its also a great time to buy for those looking to finally downsize. In fact, older adults, born between 1925 and 1945 .appear the MOST eager to buy at a whopping 73% while baby boomers, born between 1955-1975, are the second most “ready” subset of buyers to make a purchase. While many feel home prices will continue to rise, low mortgage rates, a strong economy, lower unemployment and a rising inventory are creating an active and robust real estate market here in RI and nationwide; especially in the western half of the US. Whether you are looking to downsize, buy your first home and/or sell your home you’ve lived in “forever”, this RI Realtor would be delighted to be of assistance. In fact, she’s “bullish” on advocating for her clients and on RI real estate!