How do the latest housing statistics affect you?

Kimberly Bean
Published on October 16, 2015

How do the latest housing statistics affect you?

Performance in the housing sector has been predicted by statistics to be better this year than in all previous years. This includes a very strong 2014 when interest in condos and single-family homes hit a sky high. There are pros and cons from this increase in performance, so let’s look at how these statistics affect you.

Prediction: Mortgage rates will increase 4 to 6 percent by the year 2017.

Homes in this country are getting bigger. In 2014, homes were 24 percent bigger than an average house from the 1990s, a change from 2,100 square feet in the 1990s to 2,400 square feet in 2014. In various sections of the market, this number is expected to grow.

Each player in the real estate market – buyer, seller, and agent – each has various things to remember when they consider tackling the market.

Buyers want to get the best deal at an affordable price.

How can you make sure that is happening? Know what you want before venturing into the market, including location, budget, type of home, and what requirements need to be met. Do you need a fence? How much space do you want? Know the answers to these questions before you enter the market.

When the buyer has defined all of their needs, it’s time to find a Realtor or real estate agent. Trying to go it alone can lead to buying a house that doesn’t meet what you had in mind. An agent’s experience can help you see important details that you may otherwise miss.

The buyer also needs to consider the market that they are in. In high energy-producing states like Texas or metropolitan areas like Las Vegas, the demand for housing has pushed prices to nearly unmanageable levels. Buyers should avoid these areas because they can attract unnecessary fees.

Buys also need to have an eye for details. Keep a list of the pros and cons of each property you see as a viable prospect. With the help of your agent, you can surely get the best deal you can can find.

Take advantage of information sources.

There is so much information and data available to you for free – take advantage of it! Read websites that offer reviews of neighborhoods. They can help you know a little about the area before you visit.

Timing is everything.

When you buy or sell matters. Spring is always the busiest time of year for the real estate industry, and a good time to consider selling. The seller’s agent will help them prepare their home accordingly. For example, bright colors can help maximize sales during the spring. The buyer’s agent can give their clients pre-sale inspection scorecards to avoid inviting disappointment or feelings of mistrust. If prices have been adjusted, this can help explain why.

It should follow that the best time to buy is the same as the best time to sell, right? In most cases that will be true, but it never hurts to check listings in the fall and winter, too. There’s always the chance you could land a really good deal!

Today’s real estate landscape is dominated by new technology. There are new ways to access information and new ways to communicate with your agent. Do your research no matter what part you play in the transaction. Whether you are a buyer, a seller, or an agent, knowing everything you need to know will help you get the best possible result.

Accokeek MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309

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