As January comes to an end, we are gearing up for springtime. In real estate, this is the BUSIEST time of the year for home sales! The potential of this spring has been projected to be especially busy with the stable economy and low unemployment. Each market is different in its particular trends but identifying some national trends can be useful for all parties involved; buyers, sellers and real estate agents. According to the real estate experts at RE/MAX, here are some of the Trends for 2018!
1. Inventory is tight
While buyers will spring out of nowhere, it remains to be seen if sellers will follow suit. According to RE/MAX National Housing Report, the fall of 2017 proved to be sluggish in regard to the number of homes available for sale; in fact, total housing inventory was down 13.4 percent in October 2017 compared to the same time the year before. I believe our local real estate market followed suit. The majority of the country reports a Sellers Market, will that change this spring? Buyers need to be prepared to compete aggressively to purchase the home they want!
2. Technology is king
Real estate today is profoundly affected by the advent of technology. Home buyers and sellers can go online or use apps to access information about a house or the market like never before, and virtual walk-throughs allow a buyer to enter a prospective home without ever setting foot inside! For both buyers and sellers, technology has the potential to reward those who do their homework and make use of the resources available to manage their time.
3. Generations are shifting
Buying preferences are not only an individual choice but generational! Two of the nation's largest generations, Millennials and Baby Boomers, are suddenly competing in the real estate market. Millennials are coming of age and looking to abandon their condos for single-family starter homes, while Baby Boomers are looking to downsize into homes that meet their new phase of life. With both of these generations looking for similar style homes, they are expected to move quickly in 2018!
4. Housing policies have changed
The presidential election in November 2016 and local elections from this past fall both have implications on housing policy. Adjustments to tax rates, the growth or decline of suburban options and zoning ordinance changes may all impact the markets.
Navigating the 2018 market requires expert advice
The 2018 market will be dictated largely by what takes place in the spring! The trends mentioned above will play an important role in most home sales across the country. Every market has its own quirks, but home buyers and sellers everywhere will benefit from the expertise of an experienced real estate agent (ME) who can help them take advantage of these latest trends and leave the 2018 market with everything they ever wanted and more.