Cardboard boxes, bubble wrap, and U-Hauls, oh my!
Its not like anyone enjoys moving – but when it’s paired with a lower mortgage rate, then you bet homebuyers are going to jump on board.
According to a new report from the Federal Reserve Bank of New York, about 19% of American households are expected to move in the next 12 months – this is the highest May reading in two years!
That’s 1 in 5 households expecting to move next year.
Some homebuyers seem to be lingering on the sidelines, as they aren’t quite sure where the economy is heading. Households reported lower expectations of future income growth – the mystery of where income growth could go has been at an eight-month high.
Gordon Green of Sentier Research, explains, “We are at a point now where real median household income is 4.2% higher than January 2000. Not an impressive performance by any means over a period spanning almost two decades, but the overall trend line has been positive for about seven years.”
Rates have been continuing to decline; experts are eagerly watching what this next quarter will bring for the housing market.