Since the cost of real estate is growing every time, many people do not understand what to rely on. The market is very unstable: today, the prices are adequate, and tomorrow there is already an increase in the cost. What are the main points that are put forward by realtors? What should people prepare for?
Rapid Rise in House Prices
From year to year, housing prices are rising. Thus, the average cost of an ordinary American house has grown by almost 14.5%, while earlier (a year ago) it was below 12%. Prices do not even think of falling because even now, consumer demand remains high. You may notice a slight drop in prices every 2 months, but then the cost rises again and becomes even more. All this to the fact that if you are selling your house (or apartment – it doesn’t matter!), Then you should be happy because the increase in the real estate market is only in your favor because you will get more.
The Rise of Online Service
The era of the Internet is so powerful that now a lot can be done for you online. So, for example, there are even certain applications that are capable of choosing your dream home exclusively for you. It’s wonderful, isn’t it? For sellers, the same application is able to drive buyers, advise the right time to sell, and so on. How does it work?
- On a certain site, the seller fills out a special form about his house (you need to take time for this so that everything is correct and beautiful!). As soon as everything is ready, site managers redeem the offer and look for the perfect buyer for you. Here you can even show real estate in 3D variant;
- All signatures and documents are now often in electronic form, the Internet has simplified these chores. Now, even in the mobile application, there is a function for your digital signature, which can be inserted into any document.
The current internet trend and network interference are both good and bad. But still, a conservative view of things (for example, a personal and live show at home) is much more important.
High mortgage rates
Starting from 2021, the average mortgage rate has increased significantly. Now it is at the same level, but forecasts are being made, and it will rise again. 15-year mortgages have rates much lower than 30-year ones (which is something to watch out for). Just note that the interest rate has already risen in August to a level that has not been recorded for many years. As a result, today’s mortgage showed the highest rate in the last 9 years.
If you sell a house, do it wisely and correctly. That is why it is important to always follow the latest trends in the real estate market. Only in this case will the seller be able to sell the house profitably and fast, and the buyer will be able to purchase a really good apartment for further living.