The real estate industry is ever-changing and faces the ups and downs of economic cycles. The residential market in particular tends to alternate between a buyer’s market and a seller’s market. There is always a demand for housing as your local real estate agent will attest to, however the number of real estate transactions can fluctuate widely from year to year.
1. Selling a Property in 2019
If you are planning to enter the real estate market this year, you will likely see that conditions are similar to last year. Home sellers will have to remain realistic when it comes to pricing their homes. When facing a soft real estate market, the listing price will play an important part in determining how long it may take to sell your home. Your real estate agent can provide you with comparable sales in your neighborhood to help you competitively price your property. The Chestnut Park website has more resources available if you would like to learn more information.
2. Buying a Property in 2019
One of the best pieces of advice for the first time home buyer is to make sure your finances are in order. That said, you will be well-served by seeking the assistance of professionals in the real estate business who can help guide you through the process. Professionals such as a mortgage broker, a real estate agent, a home inspector, and a real estate attorney will all prove to be valuable resources for the home buyer.
3. Securing a Mortgage
Finding the right mortgage for your home purchase can become a confusing task. The interest rates are rising up from their lows of the last several years. Some lenders will allow you to lock in your rate for a short period of time as you search for your next home.
The mortgage pre-qualification process will help buyers determine how much they can afford to spend for housing. Your mortgage broker will explain the different types of mortgages that are available.
4. Selecting the Right Realtor
As you prepare to begin the search for your home, it’s time to speak with a real estate agent. An experienced agent will be highly knowledgeable about the community, the schools, and the homes that are currently on the market. Your agent will be there to guide you every step of the way. It’s perfectly acceptable to interview one or more agents in your selection process, and select the one with whom you are most confident and comfortable.
There are plenty of good real estate opportunities in the region as we start the new year. The industry may face some challenges in 2019, for instance, the rising interest rates. However, if history repeats itself, the real estate industry is usually made up of a combination of challenges and opportunities.