The real estate industry has gone through various changes and is still continuously changing. Thus, it is not a surprise for different real estate trends to appear from somewhere, and these trends could definitely influence a huge part of the industry.
Some of the Real Estate Trends You Should Know About
As a buyer, seller or real estate professional, you should not miss knowing about these trends to ride on the changing tides of the market. This could let you gain an advantage that could help you up with your goals. Here are some of those:
With just a mere mention of the word “Technology”, you already know how seriously it can influence almost anything. The real estate market is not an exception to that, as the effects of technology continuously improve in the industry.
The use of the mobile and online platform for searching a house property for buyers, for example, is just a tip of the iceberg of how technology has changed the game. Other changes include the rise of blockchain technology in transactions, improvement of digital advertisement, communication apps for realtors and so much more.
Millennials Rules as Buyers in the Real Estate Market
The generation of Millennials is having the momentum as house buyers nowadays. Although surveys say that Millennials would tend not to buy their own house, actual data from the real estate market reveal otherwise. If you are a seller, it would be great to consider the preference of this generation by doing some touches on your house property.
Bigger Price Hikes
Price hikes never fail to make it on significant real estate trends. The average price of real estate properties generally rises for around 3 to 4% each year. However, it was noticeably higher this year which have reached the rate of 10% price hike! This simply means that you could gain a decent income as a seller, considering that you have carefully plan your house selling strategies and expenses properly. On the other hand, this could put big strains on buyers, thus it is best if you would hold your money for a while and do more appropriate calculations for the current market situation.
Faster Sales on a Sellers’ Market
This year is a sellers’ market for the real estate industry. This means that sellers mostly get the favor from the market. One of these favors is to have properties sold in a short span of time. This is simply because of the rising number of buyers in a market with a generally smaller number of properties. As a result, competition among buyers becomes tighter, thus seller can easily choose the sweetest deals. Moreover, you can also sell a house property with unusual conditions surrounding it. You can sell a house away from highways, for example, since a buyer will tend to find the best deal for them as well.
If you are a buyer on the current tide of the real estate market, it is best to save up to a hundred percent of the house price for you to easily close a deal. However, make sure to strategize a bit if you are far from paying a seller upfront. Having preapproval from mortgage lenders can help you win the competition, and make sure to attach a personal letter on your negotiation deal for the seller to read. For example, you can tell a seller how you love the house property, and how you envision using some parts of it for your family.
Those are just a few of the biggest real estate trends you should know about this 2018. Feel free to consult experts to know more, and for you to make sure that you can have things favoring you regardless of your goals.
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