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More of Your Real Estate Questions Answered
Manage episode 309300912 series 3030656
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Today I’ll be answering a few more questions that I’ve heard about the market.
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Today, I’d like to continue answering some questions about our market that I’ve been hearing.
Recently, I attended the Builder’s Association forecast for 2018. Based on what was said there, I can say that the outlook for the coming year is good.
People are concerned that the prices in the area have gone up the past few years, and we’re getting close to the peak of the market like we saw around 10 or 12 years ago. However, this is a completely different market than it was then. We have people moving to the area for good economic reasons, like the new companies and new jobs developing here which draw people in. Because of that, inventory has been really tight.
This is especially true for low-end price points. For example, there are only currently 58 homes available that are under the $300,000 price point and only five homes under $200,000. What’s more, only 11 of those 58 homes were built more recently than 1990, so if you’re looking for a newer home, they’re getting harder and harder to find, and almost impossible if you’re looking under $300,000.
Despite this, it’s only January, so by February, we should start to see more homes coming on the market. If you’re a buyer, though, you’ve got to be ready ahead of time. Get pre-approved now so that you’ll be able to react more quickly when a home does appear. It’s still a seller’s market, so there isn’t a whole lot of room for negotiation due to the lack of inventory.
There are a lot of people who are being forced to buy a house and find roommates to help pay for the expenses or go back to renting a home or apartment. Rent rates have gone up in this area over the past two years more than anywhere else in the United States. In response, more and more apartment complexes are being built, which gives people a place to live, but if you’re looking to building long-term wealth, renting is not the way to go.
If you want to know more specific details about the state of our market and what we can expect from the year ahead, feel free to reach out to me. I’d be happy to sit down with you and talk about your situation.
Recently, I attended the Builder’s Association forecast for 2018. Based on what was said there, I can say that the outlook for the coming year is good.
People are concerned that the prices in the area have gone up the past few years, and we’re getting close to the peak of the market like we saw around 10 or 12 years ago. However, this is a completely different market than it was then. We have people moving to the area for good economic reasons, like the new companies and new jobs developing here which draw people in. Because of that, inventory has been really tight.
This is especially true for low-end price points. For example, there are only currently 58 homes available that are under the $300,000 price point and only five homes under $200,000. What’s more, only 11 of those 58 homes were built more recently than 1990, so if you’re looking for a newer home, they’re getting harder and harder to find, and almost impossible if you’re looking under $300,000.
Rent rates have gone up in this area over the past two years more than anywhere else in the United States
Despite this, it’s only January, so by February, we should start to see more homes coming on the market. If you’re a buyer, though, you’ve got to be ready ahead of time. Get pre-approved now so that you’ll be able to react more quickly when a home does appear. It’s still a seller’s market, so there isn’t a whole lot of room for negotiation due to the lack of inventory.
There are a lot of people who are being forced to buy a house and find roommates to help pay for the expenses or go back to renting a home or apartment. Rent rates have gone up in this area over the past two years more than anywhere else in the United States. In response, more and more apartment complexes are being built, which gives people a place to live, but if you’re looking to building long-term wealth, renting is not the way to go.
If you want to know more specific details about the state of our market and what we can expect from the year ahead, feel free to reach out to me. I’d be happy to sit down with you and talk about your situation.
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