Buying, Selling, Staying?
Check Out These Local Real Estate Trends
Writer / Claire-Anne Aikman
Whether you are buying, selling, or staying in your home, here are a few local real estate trends you need to know to help you navigate the current housing market.
The market is still skinny on home options for Buyers. This means that buyers who are not fatigued by frequently submitting offers (but not winning) on homes are adjusting their list of “needs” and “wants” in every regard (desired size, location, price point, location). Given this, it is a fantastic time to sell a home without “needing’ to update everything (but updating will continue to help increase the value). If you do decide to sell, heed the buyers’ struggle noted above.
Low interest rates continue to be a solid inspiration point for buyers. Who knew we would still be seeing rates under 4%? Years ago, this meant that a buyer could get more house for their money, but with unprecedented home prices this is no longer the case. It is extremely important for buyers to establish a budget and not get carried into a bidding whirlwind that leaves them cash poor the day they enter their new home. Sellers are lucky to be presented with multiple offers from well qualified buyers – making your parents right once again when they told you to save for a larger down payment.
What if you intend to stay in your home but want to make improvements? The goal should always be to do the best job you can and get the best help, but many contractors are completely overwhelmed making this more difficult to accomplish. A new trend that I love is friends coming together to create “fix-it-pods.” These pods travel from home to home to complete an item on each friend’s to-do list (building shelves, cabinets, painting, and more). Each person in the group commits to working through each project with the expectation being that their projects will get completed as well. This is super smart and a really great way to help each other out and build community!