Last week Las Vegas hosted the International RE/MAX R4 conference at Mandalay Bay. REALTORS from across the world (over 60 countries) came together to share best practices. During the opening session, Dave Liniger, CEO of RE/MAX, spoke about the housing market.
There is currently a limited inventory, meaning there is more demand than supply for homes. It is still a good time to buy, but with limited inventory, you'll need to be ready to act fast since houses won't stay on the market very long. In order to be competitive, you will need to work with a lender to be pre-approved for a loan amount so the seller will take your offer seriously.
The interest rates are stable. They are going up slightly, but not near what they were in the 1980s at 16%. Most people are able to qualify for a home loan with a credit score of 630. Millennials are starting buy and move to the suburbs. Family plays a factor in that decision. The average age is 29 years old for millennial home buyers.
Builders are starting to build houses again and they are now trying to build more houses people can afford. Apartments are being overbuilt.
Overall, 2016 was the best year for RE/MAX in the last 10 years with 5.5 million resales.
My favorite quote from Dave, "We don't just sell homes, we sell houses for dogs to live in."