Real Estate Housing Market : Trends & Insights

REAL ESTATE HOUSING MARKET : TRENDS & INSIGHTS 

In an ever-evolving world, the real estate housing market remains a key component of our economy. The US real estate market is one of the largest in the world, it is the most fluctuating as well. Real Estate price fluctuates in response to economic condition, pandemic, interest rates and various other factors. US real estate market is notoriously competitive, it can be pretty difficult to navigate. 

To make an informed decision about buying, renting, selling or leasing a property, it is important to stay up-to-date on the latest trends and developments in the real estate market. There are some useful tips and insights that can help you being successful in real estate housing market. In this article, we will delve in to some of the most effective strategies for finding the property that matches your requirements and budget.

   

REAL ESTATE HOUSING MARKET 2023  

US real estate market is currently in a state of flux. The median existing sales broke through $410, 000 and it is expected to surpass all time high $413,800(all time high). Despite the high mortgage rates, the market remains competitive. One of the key factors contributing to competitiveness of the real estate housing market is the inequality between the supply and demand.

Many states in US like California, New York, Hawaii and Massachusetts are experiencing shortage of properties , leading to skyrocketing prices and huge bidding. Whereas states like Arkansas, Mississippi, West Virginia and Louisiana have a low demand of properties. It is clear that the real estate housing market is not uniform across all regions.

TIPS AND INSIGHT'S TO SUCCEED IN COMPETITIVE REAL ESTATE HOUSING MARKET

1. IN-DEPTH RESEARCH OF HOUSING MARKET

It is important to do an in-depth research and understand the market before buying or selling a property. This includes monitoring the inventory levels, average home prices in the area, demand for housing  and keeping an eye on overall economic climate. These information can be collected online or by consulting a real estate agent.

2. SETTING UP A REALISTIC BUDGET

Setting a realistic budget knowing your financial condition is a crucial step to succeed in real estate housing market. Before searching for a house, it is essential to assess your financial condition and figure out how much you can comfortably afford. Evaluate your income, expense, debts and financial obligations to get a clear picture of your financial health. Make sure to include factors like property tax, mortgage rates, home insurance cost and maintenance cost as well. Set a realistic budget considering your current financial situation and some unexpected expense that might arise in future. 

3. BEING READY TO ACT  QUICKLY

In competitive real estate housing market, homes often sell quickly. This means you need to be prepared to act quickly when you find a home that you like, if you are a seller then you need to sell your home quickly when the industry boom. Delaying your decision or taking too much time to make an offer can end up in losing the opportunity altogether. 

4. CONSULT A QUALIFIED REAL ESTATE AGENT

A well qualified real estate agent got adequate knowledge about the real estate housing market, an agent can help you navigate the competitive market and find the perfect match for you or enhance the chance of selling your current one at the right place. Beyond market knowledge, a qualified real estate agent will have a wide network with industry professionals  such as lawyers, lenders, contractors and home inspectors.

Advantages of consulting a real estate agent:

• Good Negotiator
• Got good communication skills, to handle real estate market
• Save Time

5. BEING FLEXIBLE & OPEN TO DIFFERENT PROPERTY TYPES

In a competitive housing market, be flexible to different options. Keeping focus on a single property can significantly limit your options and will make it more challenging to find a perfect match. Being flexible to different options might help you in finding a property which will be much better than your desired property.

6. NEGOTIATING EFFECTIVELY

Negotiating effectively makes a big impact in real estate housing market, when it comes to securing your perfect home. First, you need to do an in-depth research and gather an idea about the current price of that property. Have your finances in order, obtain a pre-approval for a mortgage if necessary. The seller/buyer may not accept your first offer. Negotiate effectively and compromise in order to reach a healthy agreement.

7. BE PATIENT AND DON'T GIVE UP

It is very true that, Patience is the key to success. It may take some time to find a perfect home in this competitive market or to sell your property at a good price. Be patient and don't give up. During pandemic time the market was too down and it even took 6 months to an year to sell a property.

8. INCLUDING INCENTIVES/PERKS IN YOUR OFFER

If you are a buyer you can inform your seller that you are willing to buy his furniture's and some assets along with house. You can also write a letter to seller or email him showing your interest for the property and make him feel like you are the perfect fit for that property.

If you are a seller then you can waive of contingencies , includes upgrades and repairs  However, keep in mind that these incentives should not affect you financially.

CONCLUSION

In this competitive real estate housing market: Patience, Persistence and being Optimistic are the key to success. It can be frustrating, challenging and consumes lot of time and energy, however with a right mindset and strategies you can find your perfect home. With all the strategies mentioned above, staying positive and by pushing forward you can achieve success in real estate housing market.