What Home Sellers Have to Watch Out for in 2018

The housing market is always evolving.  If you are looking at homes for sale in 2018, there are some elements you need to watch out for.  Keep in mind that what applies in one area of the country may not apply in another. For this reason, it is best to do your own research and talk to a qualified real estate professional.

Timing

The timing for buying a home is important.  As the market is moving towards being a seller’s market, it is important to have financing pre-arranged and be available to view a home quickly after listing.  Some markets expect that sellers will have multiple offers so getting in quickly will make a difference to your success. With that, sellers will potentially be competing with new owners on the homes for sale and there may be issues with having enough houses available.

Location

When it comes to homes for sale, location is still a huge factor in regards to pricing. The suburbs are typically more affordable than in the city.  But millennials don’t seem to be moving to the suburbs which could be due to convenience or confidence about buying in those locations.

Inventory

Construction hasn’t been able to keep pace with the growth of households and with that, many of the new construction developments have been multifamily dwellings.  This gives more of a feeling of community and allows for retail, office and residential spaces to co-exist so that homeowners don’t have to go far to get the services they need.

But as these locations are built, the square footage is decreasing.   This allows the developers to make more profit and for now, people are willing to purchase these properties.  Some of it may be because the location is where the buyer wants to be and for others, it is the opportunity to own real estate without a large footprint.

Rentals

For some, there is no advantage to buying property.  As communities build more housing options, there are advantages created for the renters as when a rental space opens, the landlord needs to rent it out again.  As a result, many landlords have started to offer incentives such as free rent or free parking to get tenants.

Tax Changes

There are potential changes coming in regards to what you can use on your income tax in regards to your home.  It is unknown at this point how much this will affect homeowners but the more you pay in property taxes, the more likely you will be affected.

Qualified Realtors

Due to the life of a mortgage, when it comes to looking at homes for sale, you want to deal with a qualified professional.  But with so many more options and real estate agents out there, it can be tough to find the right person.  Do not pick your realtor because they offer some fancy service or reward, pick the one that has the right knowledge and experience in what you are looking for, especially if you are looking at alternative houses such as foreclosures or properties under construction.