Jena Khabazeh's Blog
A buyer's market typically is a dream come true for those who want to find a high-quality and affordable house. In fact, there are many things you can do to capitalize on a buyer's market to ensure you can purchase a house that you'll be able to enjoy for years to come.
Now, let's take a look at three tips to help you get the most out of a buyer's market.
1. Narrow Your Home Search
Consider where you want to live and what you want to find in your dream home – you'll be glad you did. If you hone your house search, you can avoid wasting time and resources on homes that fail to meet your expectations.
As you evaluate potential home destinations, think about your day-to-day activities. For example, if you work in the city, you may want to search for houses that are in or near the city itself. On the other hand, if you have kids, you may want to explore residences near parks and other family-friendly attractions.
In addition, it often helps to make a list of home must-haves. Once you know what features you want in your dream home, you can conduct an in-depth search to discover a house that will suit you perfectly.
2. Get a Mortgage
A mortgage is crucial, particularly for individuals who want to take advantage of a buyer's market. Because if you enter the real estate market with a mortgage in hand, you can map out your home search based on your budget.
Getting pre-approved for a mortgage generally won't take long. Banks and credit unions are happy to teach you everything you need to know about home financing and help you select the right mortgage. Furthermore, these financial institutions employ mortgage specialists who can respond to your home financing concerns and queries.
3. Collaborate with a Real Estate Agent
If you want to streamline your search for a home in a buyer's market, you should work with an expert real estate agent. That way, you can receive homebuying tips and recommendations you may struggle to receive elsewhere.
A real estate agent understands what it takes to complete a successful house search in a buyer's market. As such, he or she will work with you to make your homeownership dream come true.
For instance, if you want to purchase a top-notch house as quickly as possible, a real estate agent can help you do just that. Or, if you want to buy a house at a low price, a real estate agent can help you discover a terrific residence that matches your pricing expectations.
As you get set to enter a buyer's market, it helps to prepare as much as you can. Thanks to the aforementioned tips, you can simplify your home pursuit in a buyer's market. As a result, you can find a wonderful residence that is sure to serve you well both now and in the future.
Attending open houses is common for property buyers in cities and towns nationwide. However, there is no set number of open houses that a homebuyer will need to attend to discover his or her dream residence. In some instances, a buyer may find the ideal home after attending his or her first open house. Or, a buyer may attend dozens of open houses and fail to find a residence that matches his or her expectations.
As a homebuyer, it is important to do everything possible to make the most of an open house. Lucky for you, we're here to help you get ready for an open house and ensure that you can maximize the value of this event.
Now, let's take a look at three tips to help you get ready for an open house.
1. Create a List of Home Questions
You may have learned about a home from a listing. Yet a listing only offers a limited amount of information about a residence. And if you have additional questions about a residence, an open house provides you with a great opportunity to receive responses to your queries.
Craft a list of questions before you attend an open house – you'll be glad you did. With this list in hand, you can ask questions about a home and gain the insights you need to help you decide whether a residence is right for you.
2. Perform Research
Try to collect as much information as you can about a home prior to an open house. That way, you can have a good idea about what to expect when you attend this event.
Also, you may want to put together a game plan before an open house. This plan allows you to prioritize different areas of a residence that you want to check out. Plus, it may help you conduct an in-depth review of a residence.
3. Consult with a Real Estate Agent
A real estate agent is happy to help you plan ahead for any open house. If you employ a real estate agent today, you can receive comprehensive assistance as you conduct your house search.
Typically, a real estate agent will keep you up to date about open house events in your preferred cities and towns. This housing market professional can attend an open house with you and offer immediate feedback as well. In addition, if you want to submit an offer to purchase a residence after an open house, a real estate agent can help you do just that.
Let's not forget about the expert housing market insights that a real estate agent can provide, either. A real estate agent can offer insights into housing market patterns and trends. By doing so, a real estate agent can help you narrow your home search and ensure that you can find a great house at a budget-friendly price.
Ready to attend an open house? Use the aforementioned tips, and you can attend an open house and learn about all aspects of a residence.
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With the new decade comes new trends in real estate. Strong economic growth and more millennials making moves will likely keep the market strong. However, it pays to take note of all trends affecting buyers, sellers, investors, and renters. Here are a few real estate trends and predictions for 2020.
Most Buyers Are Millennials
The children of the 80s and 90s will account for over a third of all homebuyers. If you're a seller, make sure your listing ranks high in web searches and features detailed photos and possibly a video tour. Be available via email, text, and social media. Spotlight not only the features of your home, but the perks of the location. And if you're a buyer, be sure to hire a real estate agent to make sure everything goes smoothly.
Interest Rates Will Remain Low
Continuing from a 2019 decrease, interest rates will likely remain low throughout 2020. However, the trade war, tariffs, and the presidential election may shift the market in the later part of the year and into 2021. A potential economic shift may prompt buyers to secure a deal sooner rather than later.
Rent Control Will Continue to Spread
With more states adopting bills limiting annual rent hikes, property owners may see a drop in revenue. Prospective investors are wary of purchasing multifamily properties and may consider slimming down their existing portfolios. With owners having a reduced budget, renters may see a drop in the quality of rental homes and maintenance services rendered.
Home Prices Will Continue to Rise Slowly
Experts predict that home prices will rise by approximately three percent in 2020. For sellers, this may shrink the pool of potential buyers. However, those with the finances to purchase will still be inclined to purchase, giving sellers a nice profit. If you're a seller, marketing is your ace in the hole. Highlight what makes your home stand out from the competition, and advertise through multiple online and offline venues.
Buyer Interest Will Remain High
Rising home prices will likely cause many buyers to forego a few items on their home checklist. Eager buyers may consider less convenient locations and older homes that may need some renovating. Now is an ideal time to sell, even if your home isn't the pinnacle of desirability. Making a few smart upgrades to your home may be just the thing to nudge a buyer over the fence.
As the next presidential cycle approaches, we will likely see new real estate trends emerge and old ones fade. The economy is strong, and jobs are plentiful. One thing's for sure; great deals are to be made whether you're buying or selling.