Each real estate market is unique in various ways, and your local real estate agent can help you to become more familiar with the trends in your community. For example, in some areas, it may be common for a seller to pay for at least a portion of the buyer’s closing costs, but this may not be common practice in other areas. While each market may be unique, there are some common trends that you can expect to be rather widespread across many communities throughout the next year.
Buyers Acting Quickly To Make An Offer
In recent years, it was rather common for buyers to take their time researching the market and comparing various listings. There was a feeling that financing would continue to be affordable and that home prices would remain relatively low in many markets due to economic conditions. However, the economy has generally rebounded and market conditions in many areas have improved. There is an increasing feel of urgency in buyers to make a purchase sooner rather than later in order to lock in a great deal.
Younger Buyers Making a First-Time Home Purchase
Many younger adults have notably been sitting on the sidelines and have not been buying real estate at the same level that previous generations did in their 20s and younger 30s. However, as overall real estate market conditions have improved as well as other economic factors like the employment rate, consumer confidence and more, younger buyers are increasingly finding the confidence to move forward with their first home purchase.
More Realistic List Prices
In recent years, it was common for some sellers to list their home for sale based on the amount they owed on their mortgage or their general belief in property value without giving much consideration for market conditions. This may have been out of financial need, a general belief that their property value did not decline significantly even when markets plummeted and more. However, because market conditions have dramatically improved, you will find that the list prices on many properties are much more realistic.
Real estate agents keep a pulse on the trends in your local market, and their insight and guidance can be invaluable to you as you search for a property, structure an offer and walk through the rest of the home buying process. If you are preparing to purchase a home in the coming year, you can begin looking for a friendly and helpful real estate agent to assist you.