The real estate market is a fluctuating creature. For the uninitiated, it may be hard to read and understand it sometimes. Don’t worry though. These three essential all-purpose tips will help you adapt to whatever fluctuations the market has.
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The Agent Matters
No, this doesn’t have anything to do with the Matrix. Instead, it relates to real estate agents. These agents are a good gateway to the best knowledges and practices in the real estate industry. That is, if you’re lucky enough.
Choosing the right agent matters. Even though they take a fee, their expertise should be enough to support you in your endeavors.
In addition, the presence of a professional and talented real estate agent could lend credibility to your offers. If you are selling a house, the right agent could help attract more buyers and agents.
Just ensure that the agent you get is one that is pleasant to work with. Oftentimes, an offer is rescinded based on what the opposite party’s agent says about your own. Find a pleasant agent to work with.
A study conducted by the National Association of Realtors in late 2017 shows that almost half of the home sales in America are expected to be sold to millennials aged 19 to 34. Most of these come from urban rentals.
Know what this means? This means that there is a bidding war out there.
For first time house buyers, of course we acknowledge that finding the right house is very important. However, if you take too long, there might not be much left to pick from.
Know the Market
Depending on the state of the market, the conditions here will dictate whether it is better to sell a house or buy one.
As per Texas A&M University Real Estate Center’s information, a perfectly balanced market will only stay that way for six and a half months.
If there aren’t enough houses to go around, of course sellers will thrive in this period. Inversely, if there are too many houses, buyers can come out and take their best picks.
But what if you are selling a house when there are already too many houses on the market? This is when you have to seriously consider lowering your prices or throwing in some freebies.
If you’d like to understand the nature of the current market you are in, just head to the National Association of Realtors’ website more data and articles for you to read.
The real estate market does fluctuate. However, that doesn’t mean that you can’t understand what happens when it does. Keep these tips in mind and never feel confused again.