Whether you’re planning to buy or sell a house property, the real estate trends of 2019 are important for you to know about. Unlike last year, the current trends have drastic changes that significantly affect the biggest aspects of the market.
Mortgage, property types, and price rates among others, you name it; it’s probably affected this year! Thus, you should know about these points, so you can prepare yourself, whether you’re a buyer or a seller in the market.
What are the Real Estate Trends in 2019 You Should Know?
Without further ado, here are a few of the gigantic trends you should know this year.
The Wave of Millennial Buyers are coming
Millennials are growing old, and they are deciding to buy properties for their own too. Noting that they have largely different preference on many things than their predecessors, you can easily see the real estate market accommodating such preferences.
As a buyer, expect to do some modifications for your house, so more millennials would love to buy it. Make sure to maximize the practical use of every space in your property.
In addition, don’t miss to sell your property in an internet-savvy way, as millennials love the convenience brought by the web. Use high-quality photos to display your property on the listing, and do further steps like using drones for aerial shots.
On the other hand, being a buyer means stepping on a large competition this year. Thus, you should drop your offer in a catchy way, like drafting a personalized letter, so you can make sure of getting the seller’s attention.
Mortgage Rates are Increasing Drastically
This is definitely one of the real estate trends you shouldn’t underestimate. For the last 7 years, mortgage interest rates were on a steady level, but it finally broke out to high rising levels this year.
You can easily see 30-year mortgages with 5% interest, and 15-year mortgage with 4.4% interest. As a result, sellers would have a harder time, as buyers would hesitate in buying properties this year.
However, if you’re a buyer, it’s recommended to do the purchase now, so you can avoid possible worse case scenarios in the following years.
Prices of Properties are Soaring High
For the last two years, real estate prices have made a gigantic leap of around 10%. Thing is, it has slowed down this year, simply because of the increasing number of hesitating buyers.
Nonetheless, huge mortgage rates and economic instability pushes prices to steadfastly, though slowly, rise up high. This could possibly affect buyers’ decision in making a purchase, thus it’s important for them to thoroughly consider the price they can spend.
On the other hand, since buyers are decreasing in number, sellers can also expect serious competition on their market. Thus, it’s important to consult with real estate experts, so they would know the best steps to be done on their property, and the most competitive price possible.
Taking note of these real estate trends this year can help you, regardless of you being a buyer or a seller. Just remember to do further research, and consult real estate experts, so you would know how to gain fruitful results from the market.
This way, you can help yourself survive the drastic changes, which currently shakes the entire real estate market.
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