If you’re looking to buy a home, there are five specific lessons last year’s market can teach you to help you get the best deal possible.
What can you learn from the 2017 market that can help you on your 2018 home buying quest? There are five lessons to take into consideration:
1. Most homes are still worth less than they were a decade ago during the pre-recession peak. In fact, less than 35% of homes are worth more now than they were during the pre-recession peak. What does that mean for you? Don’t believe the hype. There’s a lot of talk about rising home costs, but buying is still very affordable and it’s a great time to do so.
2. Homes are selling quickly because they’re still in short supply. All homebuyers out there are scrambling to find a competitive edge, so it’s especially important for you to have a seasoned agent on your side to creatively and professionally present your offer.
3. House flippers are out in full force, so make your highest and best offer if you plan on getting into the game. House flippers tend to intensify the bidding process and drive prices upward.
4. In 2017, more and more deals were crumbling, so don’t think of your offer getting accepted at the finishing line—it’s the starting line. Know your rights as a buyer.
5. Buying still saves money over renting. It’s also a more secure living style. You’re not subjected to rising rental costs or the possibility of a 20-day, no-fault eviction. Do what’s best for you, but remember that you’ll save money and not have to pay off anyone else mortgage by buying a home.
If you have any other questions about buying in our current market or you’re thinking of selling a home sometime this year, give us a call or shoot us an email. We’d be glad to help you.