Think you’re ready to buy a house? Perhaps 2018 could be your year. This year has already seen some major developments in the housing market, from an increase in millennials getting on the property ladder to house prices returning to their pre-recession levels.
Learn more about what you can expect in the housing market this year with these seven things to know about buying a house in 2018.
1. House prices are increasing
It’s already been reported that house prices in the US are rising quickly, not only returning to pre-recession levels but exceeding them. This is good news for sellers, but not such great new for buyers – who are finding themselves priced further and further out of the market.
This increase has been attributed to many factors, such as the millennials once stuck in their parent’s homes now finally being able to afford to buy, while the increasing demand for property has sent prices soaring. If you’re selling your existing property to expand or downsize your home, then you could be in luck thanks to these latest developments helping you to sell your property at a worthwhile price. However, for first-time buyers, this could make it even more difficult for you to get on the property ladder.
2. Asset management is going digital
As is the way with most things at the moment, asset management is going digital, thanks to the launch of blockchain cloud platforms for real estate that allow people to undertake the entire buying process online, while also being able to use cryptocurrencies and Bitcoin to make real estate purchases.
The launch of this exciting platform by https://i-house.com/ is an exciting step for real estate, changing the way we carry out retail estate transactions. Transparent, efficient and secure – you might want to think about buying your house using this new digital application.
3. Some states are doing better than others
If you’ve always lived in the same city or state, you might never have considered moving anywhere else. However, the news that some states are a more attractive option to housing investors than others could change your mind. West Coast states such as California, Nevada and Utah are predicted to have good years regarding real estate, while over on the East Coast, Florida has already shown that it’s on the up in line with job growth.
Conduct some research to establish whether or not an out-of-state move is right for you – if growing your assets is important then it might just give you the boost you need.
4. Millennials are catching up
Millennials (the generation born between the early 80s and 90s) have been one of the generations most affected by the housing crisis of recent years. Unable to find work due to the increases in unemployment, they’ve also had to deal with the low supply of affordable houses that have priced them out of owning their own homes. The news that millennials are finally moving out of the basement is welcome news for a generation that has felt hard done by in the wake of the recent economic struggles. As people from this generation progress in their careers and look to start families, their impact on the housing market is impressive and will most likely to continue to grow over the years.
5. Supply isn’t meeting demand
The demand for affordable housing remains high in 2018, so first-time buyers and those wishing to downsize to smaller properties can find themselves stuck in a wave of rising house prices, particularly in major cities. Interest rates are also increasing, which is something that could discourage would-be buyers from making the sale.
It’s been reported that the supply of houses is ‘dangerously low’, with various reasons to blame. If you’ve been considering selling your home for a smaller property, you might want to hold off for a bit longer to help ensure you get the best price for your sale, instead of investing in a property that might be comparable on price, but is a much smaller scale property.
6. Renting isn’t all that bad
Of course, buying has its benefits, but renting remains a popular way of living for many. Renting has many benefits, including the chance to live in a great location for less, the freedom of being able to move at the drop of a hat and the lack of real financial commitment make renting attractive.
Renting offers people a way to live a life they wouldn’t be able to afford if they were buying, which is why it’s the perfect solution for people looking to get the most out of their income. There are also negatives to renting, such as the fact you’re lining someone else’s pockets or that you can’t make home improvements in the same way you could if you owned your property.
7. It’s not all about timing
While it’s true that home ownership offers benefits for everyone, it will ultimately be your decision as to when you should buy. Market changes can happen randomly, so it’s difficult to predict how the situation might change over the next few months. If you’re in a position to buy a home then go for it, especially if you want to get on the ladder sooner rather than later.
While you can analyze the current market and decide when the best time to strike is, the truth is that if you see a good opportunity, then you should take it. But don’t just invest in the first house you see, it’s better to wait until you find a property you like than finding a property because you had the money and thought you could sell it later down the line.
Buying a property is one of life’s big milestones that can lead to a brighter future. While there are a lot of developments already happening in 2018, the path you choose needs to be the right one for your and your family, and not what a magazine dictates. Keep your ear to the ground for housing news and keep an eye out for available properties to make sure you don’t miss out on your dream home.