Consider these factors when buying a home this year

This week’s column was written by Hannah Whittenly, a freelance writer and mother of two from Sacramento, California. She enjoys kayaking and reading books by the lake.

When you’re ready to buy a home, it’s important to take every factor into consideration. Changes in the market from year to year can have a major impact on how you purchase a home. Keep these things in mind while looking for a new home.

• Millennials are raking over.

Even though millennials aren’t the biggest category of homeowners right now, they’re expected to be by the end of 2018. For the first time, they’ll be the majority homeowners. The fact that they’re buying more homes means there are different selling and purchase patterns coming up in the future as a result of the different spending habits of millennials.

• Home prices are going up.

Those who sell real estate see an increase in the prices of homes. In most areas, the median price is rising — an increase that may be the result of greater demand from firsttime homebuyers. The good news? Rising home prices is an indicator that the economy is also on the rise. • The number of home sales is going up.

More people are buying homes now than ever before. The average number of sales that real estate agents see is increasing. And since more people are buying homes, the demand will continue to increase. It’s important for those who want to purchase a home to get in on the action now before prices go up even more in the future. • Homeownership is stabilizing. For years, there was a lot of fluctuation in homeownership. However, for the first time ever, the homeownership rate is stabilizing. And the demand will continue increasing, so people can see all the different options they have for purchasing a home, no matter what area they’re in.

Anyone looking for a home should consider market conditions, the things that are happening with homes and the availability of homes in their area. Always consider where and when you’re buying a home. — Reprinted from blog.rismedia.com with permission of RISMedia House to House is distributed by the Arkansas Realtors Association. For more information about homeownership in Arkansas, visit www.ArkansasRealtors. com.