More than half -- 57 percent -- of mid-Atlantic real estate professionals are optimistic that this year's spring home sales market will outdo last year. According to a Metropolitan Regional Information Systems (MRIS) survey of 750 professionals, the entrance of more first-time buyers is the primary reason for this optimism. Roughly 88 percent of those surveyed expect more activity from first-timers, with a number of these newbie buyers being millennials. Rising rents will encourage some of this demographic to buy this spring; however, 64 percent of respondents indicated that student loans are still a major barrier limiting buyers. According to MRIS, in order for some sellers to command top price in the mid-Atlantic, it's important they appeal to the needs of first-time buyers. The most important home asset for this segment of buyer is an updated kitchen and bath, followed by low-maintenance features. Location within a walkable community, along with energy-effici...
- Rising rents will influence more tenants to consider buying this spring.
- Student loans remain a major barrier that will limit mid-Atlantic buyers.
- D.C. enters spring as a seller's market, while buyers have the advantage in Baltimore.