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What The Current Real Estate Market Trends Mean For You
As the years go by, the real estate market changes. There are always certain conditions that exist among many different states. For people who are interested in real estate and the option to sell a home or buy a home, it is important to understand what the current trends are. Certain properties sell faster than others. Prices vary from location to location. There are certain markets that thrive more than others. Let’s take a look at some of the current real estate market trends for this past year. This will help predict what 2019 is going to bring.
Residential Homes Are Selling Quicker Than Before
Data for this year’s market showed that homes have been selling faster than they were in recent years. This is true for many of the markets across the United States. The trend has been that homes are selling one week faster, on average. According to Realtor.com, the average amount of time that a house stays on the market is 63 days. This is great news for people who are thinking about selling in the near future. Selling a home can be a very stressful process. Knowing that your home may not be on the market long makes a big difference in the overall process. There isn’t as much pressure on wondering when your deal will come.
Competition From a Buyer’s Standpoint
As a buyer, there is a bit more competition going on. You may have to brace yourself. You might not get everything that you are looking for in a home. That doesn’t mean you have to give up everything that you want. Be realistic. If you can get a good deal now, you can think about making changes and additions later on down the road. As you start the process of shopping, there are some things you should do ahead of time. This can include:
Preparing Your Finances – Have your pre-approval secure ahead of time. This will save you and your Realtor a lot of time if you find a home that you want to bid on. Also, make sure that you have your down payment secured. The recommended minimum is ten percent of the home’s price. Twenty percent will make your monthly payment much lower.
Know What You Are Looking For – When you look at a home, you want to know if it’s the right home for you right away. This allows you to quickly put down a bid if you are interested. If you aren’t interested, you can keep looking. Have your list of must-have items handy when you go to view a home.
The Use of a Licensed Real Estate Professional
The internet has been very helpful when it comes to selling your home, and had made it easier for some people to sell without the help of a professional, but that trend is starting to die down. Unless you are someone that works in real estate on a day-to-day basis and have solid working knowledge on the forms, the laws, everything one needs to know to keep their client safe and out of harms way, more people are giving up the DIY ambitions and just letting the professionals handle the headaches. It’s far less stressful to have a professional handle your business for you. It’s also important that you utilize someone who has a good reputation in your area. This will help with negotiations.
The Prices of Homes
Statistics show that home prices are continuing to rise. The overall price of a home went up 3 percent in many cases. Depending on the city or region, this number may be as much as 30 percent over the past year. This is great for people who are selling. If you are looking to downsize, selling your home at a higher amount will make your future very secure. Buying a home with this current trend going on, means that you need to know your financial standing very well. Make sure you know what you can afford. Stick to that amount regardless of what you come across.
Watch The Market
Yes, home prices have been on the rise, but depending on your locality, things may be different. You need to pay attention to your local market and pull information from there. In some cases, selling now may be the best option. In other cases, waiting until a “boom” time of the year may be better. Once a person understands the nature of their market of interest, buying and selling becomes a much easier process.
Like any market, there are always risks. It is impossible to predict with certainty what will happen in the future, but experts believe that the current market will begin to settle down in about 24 months. Until then, making some wise decisions can really pay off in the long run. Be sure to utilize the services of a professional. They can advise you on the right decisions you should be making and can lead to a simpler transaction, less stress, and potentially higher profits. For more information, contact you local real estate professional today.