In recent news, home prices continue to rise as the summer season heats up.
CoreLogic reports that last April indicated a price surge of 6.9% higher than last year. This is 1.6% higher than the month before that. From then, prices continue to climb higher up the ladder. Their forecast indicates an increase of 5.1% in the next 12 months.
But despite the recent hike, the existing-home market have shown a rise in sales after a significant drop in April. From single-family homes, condominiums, townhouses, to co-ops, the sales collectively pulled up a 1.1% increase even if it started on a shaky ground in the first few months of 2017.
In fact, more than a half of the properties for sale in May were in the market for just 27 days, the shortest that the National Association of Realtors reported since May 2011. For some, housing costs may still be a little discouraging especially those who are not hefty earners but existing homes is presenting a much better deal than brand new houses. And with the competition, buyers still need to play their cards right and fast.
And since price drops continue to be lesser of a possibility in the coming months, expect a surge in available homes in the market within the year.
NAR is expecting to see a rise in about 3.5% in existing-home sales and another 2.8% in 2018. Since these homes are typically cheaper than newly constructed ones, this market is a more practical choice for future first-time home buyers.
As interested buyers, there are a few things to keep in mind while choosing the house you would want to have. Avoiding mistakes as much as possible in getting into a big milestone like buying your first home should be always be the idea.
Some sellers are a bit flexible with their asking price. Depending on their flexibility, the house you are eyeing on could be worth the negotiation. Of course, it would all be based on different factors and circumstances.
Home Location Matters
Check the neighborhood around the house. This would come in handy for buyers who are considering an environment good for kids or if not, for newlyweds. After all, this is a house you would want to call home.
Now that you’ve got an eye on a house you want to purchase, it pays to check on a few details to make sure the price is worth what you’re getting. Look into different issues and possible improvements you’d expect to give the house. These are things you can also factor in when you plan on negotiating with your real estate agent or the current homeowner.
Ask for Recommendations
Whether it is your agent or your friend, a little piece of advice could help you make this big decision. There might be factors that you have missed out on or some other issues that you might have slipped. But in the end, the final call is yours.