Buyers seek more affordable markets
If you think buyers aren't willing to move out of their comfort zones to live in more affordable housing markets, you may want to reconsider.
Many buyers, especially the younger generation, are relocating to areas that didn't seem as appealing before, but now they are prioritizing affordability, says Daren Blomquist, vice president for RealtyTrac, a real estate data company in Irvine, California.
RealtyTrac recently compiled a list of the most affordable counties in the nation, based on median home prices and the percentage of income required for the mortgage payments.
For instance, in Fayetteville, North Carolina, buyers spend about 13 percent of their incomes on house payments for an average home, according to RealtyTrac. The millennial population there has jumped more than 20 percent since 2007.
"These may not be the first places when you think of the younger generation moving there, but many of these places have a good job picture or a job picture that is improving," Blomquist says.