2018 Real Estate Trends

Real Estate Trends - The Tuttle Group

Thinking of buying a home this year? Here are the 2018 real estate trends you need to know and what the hot market means for you.

Homes are Selling Faster than Last Year
According to Realtor.com, properties are currently selling nearly 10% quicker than the same time last year and averaging 63 days on the market—selling a whole week faster than last year.

Faster sales is great news for sellers, especially those looking to sell their homes quickly.  On the flip side though, this isn’t quite the good news for buyers.  This means another year of fewer available homes on the market and more competition.  The Tuttle Group is here to help you beat the competition and land that dream home you’ve been searching for.

Get Pre-Approved.  In today’s market, going through the mortgage process and being pre-approved is absolutely critical.  With our pre-underwrite process, we take the pre-approval process a step further to strengthen your offer letter over other buyers.

Hire an Experience Realtor Professional.  Find an agent with a great reputation and who knows your market.  A good agent will not only be able to help you find the home you are looking for, but as equally important, will manage the paperwork, the communications, and be an expert at negotiations so you don’t miss out on your chance at a great home.

Know What You Want.  As you begin your search for your new home, create a list of what is most important in a new home to you.  A list of must-haves and likes-to-have may come in handy down the road in your search.  You need to be prepared to let small things go, and focus on the attributes of a home that you can live happily with.  Renovations can always be considered down the road but don’t let a house go because the paint color isn’t quite right!  If it’s in the neighborhood you want and fits within your budget, this could be your future dream home.

Home Prices are Continuing to Rise
Prices are continuing to rise at a steady pace year over year.  And as mentioned above, the supply of homes continues to dwindle.

If you’re going to buy a home in this market, you need to find out exactly how much you can afford for a new home.  Come talk to our team.  We will crunch the numbers and figure out what will work with your budget.  We will review various loan options that will help you get the most for your money.

During your home search, avoid situations of over-bidding on a potential home; Stay within your budget.  It’s easy to get caught up in a bidding war with other home shoppers, but be careful to not over-commit and exceed your comfort zone.  If you are working with a mortgage professional, you should already be aware of what you can afford.  If not, give us a call and we will help you find out.

Thinking of Waiting Another Year?
Perhaps you are not quite ready to buy or sell this year.  No problem.  But you should at least be aware of factors that could affect you as a buyer -both positive and negative.  It’s anticipated that home prices will continue to rise anywhere from 2-6% over the next few years and experts predict rising prices may settle down in two years.  Waiting may or may not work to your advantage.  If you are considering buying a home in the near term, consider a Cost of Waiting analysis to help you understand when considering a home purchase.

What To Do Next?
Keep in mind, trends vary by area so if you are serious about purchasing a home within the next 1-2 years it’s important to talk to a local mortgage specialist. They can help you evaluate your current situation, discuss loan programs, qualifications  and requirements, and what the impacts of waiting could be for you.  It’s smart to get an early start and talk to a mortgage broker as you make your decision.  At The Tuttle Group, we make the process as smooth as possible and help you find the best loan for you.  Everything we do is customized for you.  Let us help you with your dreams of homeownership!  Give us a call or send us an inquiry.

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