The housing market, is important to know the state of the housing market and here’s why
Whether you are buying or selling real estate, it is important to know the state of the housing market. This way, each side knows where the advantages lie. For sellers, the market is at its best when there are fewer homes up for grabs. Less competition makes for an easier time getting your property viewed by the right individuals. On the flip-side, buyers will find top deals when there is a saturation of listings. When sellers are competing for your business, you end up the winner!
The housing market can give us a list of relevant information, such as: the number of homes for sale, the average selling price for real estate in the area, and the amount of homes sold during a specific period of time. With this data, both buyers and sellers can formulate a strategy on when to make a move. Perhaps more homes are sold during the summer. Maybe the average cost is lowest at the beginning of the year. Whatever the housing market shows, it is important to take the information into consideration.
Here’s a short list of positive factors that will affect the housing market 2017 and beyond:
moderately rising mortgage rates
low risk of a housing crash for most cities
millennials buyers coming into the main home buying years
a trend to government deregulation
labor shortages pushing up costs of production
the economy will keep going – longest positive business cycle in history