If you are thinking about buying or selling your home, paying attention to current market trends can help you sell your home for the best price, or find the perfect home for your budget. Here are a few market trends we see this year that could help you decide to buy or sell.
This is a pro for home sellers but may be a struggle for home buyers. Low inventory means that there are fewer homes currently on the market. For home sellers, this could mean getting top dollar for your home since there is little competition. For home buyers, this could mean sellers may be less willing to accept offers below asking price, and several buyers may be interested in the same property, driving prices up.
New Home Sales
According to census.gov, new residential home sales are on the rise. This may mean your home may compete with new builds for home sellers if you are located near a new development. You may have to re-evaluate your listing price to stay competitive with the market. This could mean that building a new home may be your best option for home buyers due to the low inventory of existing homes. When building a new home, make sure you look at several different home builders to see what is standard for a new build. Not all homes offer the same standard options. Some builders may quote you a low base price but charge extra for upgrades such as hardwood flooring, granite countertops, and even landscaping. Some home builders may have a higher base price, but these “upgrades” are already included in their base package.
Working from home may affect a buyer’s decision to work further from home and might decrease the desire for homes located in major metropolitan areas and increase home sales in smaller suburban areas. For home sellers, this could mean reduced interest in your listing if you are trying to sell in a major metropolitan area but could mean increased interest if you live in a surrounding suburb. For sellers, if moving closer to a city center isn’t an issue, you may find that the pricing in these markets is better, and sellers are more willing to negotiate. On the flip side, if you are looking to move to a city suburb, you might find competition higher in these areas.
If you are a buyer or seller, make sure you do your market research before making a big decision to ensure you are making the right decision. Now may be the time for you to make a move, or you may want to wait for a rise in inventory. Either way, it is best to check the market temperature before you decide. Give me a call today, I will be happy to answer any questions you may have, help you to find your dream home and/or determine the value of your existing property.
Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.