Statistics have predicted a better performance this year in the housing sector than all the previous years. This includes a visibly strong 2014 that saw interest in condos and single family house outlets hit a sky high. With this increase in performance there are pros and cons that come along with it. So Let’s Talk about how some of these statistics will impact you.
It has been predicted that the mortgage rates will increase from about 4-6% by the year 2017.
It has also been noted that homes in the U.S are getting bigger. Houses in 2014 were 24% bigger than an average house in the 1990s, from the relatively low 2100 to 2400 square feet in 2014. This number is also expected to continue to slowly grow in various sections of the market.
As players in the real estate markets, buyer, seller or even an agent, there are some various factors you’ll needs to keep in mind while you consider tackling the market. In this article well review what is essential for each player.
As a Buyer your aim is always to fork out the best deal at affordable prices.
So how can we make sure you’re making sure that happens? Start by developing specifications before venturing into the market. The location, budget available, the type of home and any stipulations you need to be met. Do you need a live fence? What amount of space do you need?
The average size of a home has been increasing and conversely, the lots have started becoming smaller. This compromise between house space and lot size poses a big question to both the contractors and the buyers in equal measure.
With all needs put in place, the buyer should then contact the realtor or agent. Often, individuals decide to go alone and double up as their own agents and end up selecting house units they really did not have in mind. The agents experience in transacting property will help highlight important details that you might miss.
Another important thing to consider is what market you’re part of. In high energy producing states such as Texas and other metropolitan areas like Las Vegas. The demand for housing units is pushing the cost to nearly unmanageable levels. Avoid such areas they attract unnecessary fees.
The buyer should also have an eye for detail, especially for the little touches. Keep a shortlist of all the pros and cons of all units you see as a viable prospect. With the help of your agent you will surely nail the best deal on offer.
Remember, you can always take advantage of the data and information available to you for free. There are various web pages that rate neighborhoods and offer first hand reviews. Take advantage and have a rough idea before the actual inspection.
It’s approximated that it takes an aggregate of 5 months to construct a new home on the U.S. It’s a contrast that one month later, the unit will be occupied or bought already despite the small lots and high density of houses. The Realtor should aggregate the need to nail down a place to live and the value of having the right size of home.
When Are You Buying/Selling?
The season you’re selling/buying is very important as well. Spring will always be the busiest time for the real estate industry, typically a very good time to consider selling. However, depending on the agent representing the sellers interests, the Realtor will advise them appropriately. Spice up the mood of the houses with bright coloring to help them maximize the sales in the spring season. Also consider equipping the buyers with the pre-sale inspection scorecards to avoid inviting disappointments and instances of distrust. It will help explain why the prices have been adjusted accordingly.
The best times to buy would presumably be the same season since buyers and sellers go hand in hand right? While that may be true in most cases it never hurts to check possible listings in the fall and winter. There is always the possibility of landing a very good deal. Even if you find a good deal though always remember to talk with the sellers and make sure your buyer’s interests are well represented.
Today the world of real estate is dominated by new technology. There’s new ways to access information and ways to communicate with your agent. Make sure you’ve done your research no matter what part you play in the transaction. If your a buyer, seller, or even an agent knowing everything you need to know will help you get the best possible result.