2018 Real Estate Trends You Need to Know
Buying or selling a house in 2018? It’s never too early to start looking for a home and coming up with a plan. We are here to help you have an idea of what type of market you’ll be facing and which real estate market trends you should keep an eye on.
Home Sales
The market right now has more demand than supply. This means that if you’re looking to sell your home, you’ll likely have greater interest since you won’t have as much competition. However, if you’re looking to buy, you might need to act quickly so as not to miss out on the home of your dreams. As long as buyers are motivated and competitive, they should be able to secure themselves a home in 2018. Buyers shouldn’t be nervous that there are less homes on the market. As long as buyers are motivated and competitive, they should be able to secure themselves a home in 2018.
Luckily, the number of homes sold in 2018 should be higher than 2017. Sellers and buyers have shown confidence with the stable economy, and home sales are expected to increase. Buyers shouldn’t be nervous that there are less homes on the market. Saving up so you have a competitive down payment, getting a pre-approval for a fixed-rate mortgage, having the right agent, and even including something as simple as a personal letter with the offer could help you beat the competition and make the most of your investment.
Home Prices
Home prices are on a continued rise with no immediate end in sight. This is due to the lack of inventory, not just in the New River Valley, but in markets across the United States. The constraints of total sales and the rising prices justify that there is a trend in declining inventory levels. However, don’t let the pressure of the housing market deter you from buying a house you can’t really afford and be sure to stick to your financial boundaries. It’s important to save money, have open expectations, and compensate on certain attributions so the search can be expanded.
With the exception of Montgomery County, all counties in the New River Valley had an increase in median sales price. The realtors are not just selling the homes, but the neighborhood as well. Consumers want to see the home and the environment around it before they deeply engage in the sale.
Unique Buyers
In order to have happy buyers, sellers have to cater to the preferences and specific needs of each new generation of home buyers. People want older homes with modern appliances and technology, but buyers might have to compromise on their “must-haves” if they want to land a new home in 2018. Resetting your expectations will also help you not get in over your head. In addition, you can find a less expensive home in the perfect neighborhood and be able to upgrade it, personalize it and turn it into your dream home over the years!
It’s extremely helpful to anticipate likely shifts and trends in the real estate market. Although the sales are low and the prices are increasing, the average number months of inventory are steady. Sellers should try to understand buying behavior and unique preferences which will in-turn give them an advantage over competition. Buyers can focus on what will get them a leg-up on the other competitors when in the battle for a home. No matter if you’re buying or selling in 2018, you don’t have to navigate unknown waters on your own!
