Did You Know the Real Estate Market is Changing?

    Did You Know the Real Estate Market is Changing?

    May 09, 2019

    The housing climate is beginning to shift in buyers' favor. But there's still a chance to sell your home and cash in for top dollar—if you move quickly.

    It's no secret that life's been pretty good to sellers for the past several years. Even if you had no need or desire to move, the housing landscape might have seriously tempted you to put your house on the market anyway.

    But as they say, all good things must come to an end. The white-hot housing market of years past is beginning to cool.

    So, if you haven't listed your home before now, did you miss the boat? Absolutely not! But, with each passing month, the experts say you can expect the housing market to shift a bit more in buyers' favor. What that translates to for you as a seller is that you have to give more thought about how your home compares to the competition that buyers are going to see when they're shopping. And, you might have to price a little bit more competitively or think about other incentives you might offer to attract buyers.

    There's still a chance to cash in for top dollar - if you move quickly. Here are the biggest reasons to sell ASAP in 2019:

    • You won't be the only listing for long. 

    There simply weren't enough homes on the market to keep up with buyer demand. So, when a "For Sale" sign

    went up, you could bet a bidding war would soon follow. That tide is turning this year. That's because the

    number of homes for sale is finally increasing, albeit slowly. For now, buyers still outnumber inventory.

    • You still stand to make a "handsome profit".

    Home prices have been on a meteoric rise for the past seven years or so. And now comes a twist - 15% of all

    home listings saw price cuts this year. That might sound like bad news if you're thinking of selling, but...

    Those moderating prices, combined with today's low mortgage rates mean increased buyer demand for your

    house. Plus... it's not that home prices aren't still increasing - they're just not increasing at the frenzied pace of

    previous years.

    • There's high demand for homes under $300k.

    If you're a below median price seller, you will see a seller's market that is as good as what you saw in previous

    years.

    • Mortgage rates are at a new low.

    Something strange has happened. Experts predicted mortgage rates would rise, and at the end of 2018 they

    were indeed ticking upward as expected. But, since the start of 2019, rates on a 30-year fixed mortgage

    (the most popular home loan), have been falling. This temporary dip in rates creates an opportunity for trade-up

    buyers. So... now's the time to hustle and get both transactions done.

    • Millennials are flooding the market.

    Historically speaking, people tend to buy their first home around 30. An guess what? We've got a whole bunch of

    people turning 30 in the next couple of years - nearly 5 million, in fact. So, you can count on Millennials to be a

    driving force in the housing market.

    I hope you find this information useful! Feel free to contact me anytime with questions, clarifications, and of course.. assistance with selling or buying residential real estate.

    All the Best,

    Gene Lastorino