As generations change, so do housing trends. The housing market is currently in demand right now, with many homes currently for sale. If you have lived in a neighborhood for many years, it is possible that you are currently watching it overturn. The older homes are being replaced by younger buyers and the houses themselves are being remodeled and updated beyond recognition. If you are on the buying end, you are likely to see houses flying off the market and the inability to low ball an offer. In regards to today?s current housing markets, keep the following buying and selling tips in mind.
When you want a house, put an offer on it
When the real estate market is booming, you do not have much room for price negotiation. You also have very little room in terms of waiting. You might feel tempted to view more home homes for sale before putting in an offer on one that meets most of your buying needs. However, this could leave you losing house after house on the market. If you find a house that meets your needs and is in your price range, consider putting an offer that is close to the asking price immediately. In today?s market, it is still possible that you will not get the house.
Home owners who are selling may have more leeway when it comes to the market. They can be more picky and demanding when it comes to offers. However, it is still extremely important to price according to the market initially. You may be tempted to set your price higher than its worth because of the increase in buyers, but this can be a big mistake. Many loans require that the buyer have the property appraised. If the asking price is too high, they will be unable to obtain a loan for the home homes for sale. If your price is too high, it may turn buyers away. Reducing the price later on reduces the amount of buyers who will look at it and the price reduction can result in lower offers from buyers.
Look for buying trends
Realtor.com predicts that 61% of homebuyers in 2017 will be under age 35. This is a generation of people who prefer different amenities in a house or neighborhood. Approximately 56% of millennials and 46% of baby boomers prefer to live in a more walkable neighborhood. Home homes for sale that offer many nearby amenities and attractions are likely to have more demand in the coming years. As a buyer, it can even be beneficial to your home?s value if you purchase something that has high walkability. When it comes time to sell, this same feature can boast a higher price and a greater demand.
Updated and renovated houses are more in demand
Many of today?s buyers want houses for sale to be completely move in ready. Fewer and fewer people currently buying a home want something that will be a big project. Because of this, new houses and luxury homes are also on the rise. Updating and renovating your house with in demand luxuries can help you to compete with these brand new homes. With 34% of buyers who purchased homes looking to avoid renovations and problems with plumbing and electricity, a strong focus should be made on updating these specific areas.
The United States housing market is on an upward trend. Many years ago, the crash drastically reduced the value of all home homes for sale. Today, not only has the housing market improved, but we have a new generation of buyers with better credit and better means to purchase. However, new buyers also mean new buying trends and habits. If you are currently in the real estate market, whether it is as a buyer or a seller, you will want to pay attention to these new trends. Following current buying and selling trends will help you either find the perfect house or sell your home in a competitive market.