The real estate market can be a rollercoaster ride at times with prices reacting to economic conditions and even political uncertainty, so it makes good sense to try and keep your finger firmly on the pulse.
Searching for homes for sale in Sarasota or whichever area you are looking at, you can soon get a bit of a feel as to how cool or hot the market conditions are right now, but do you have all the knowledge you need to buy or sell property this year?
Depending on the current financial climate, you can generally call the real estate market as either a buyer’s or a seller’s market, and 2016 is forecasted to be mainly better for sellers.
As a result of relatively low inventory numbers, this is having the predictable effect of increasing house prices as buyers compete against each other for the properties that are currently available.
Whether we are in a buyer’s or a seller’s market is what tends to grab the headlines, but it often pays to gain a good understanding of specific conditions in your local property market, so that if you are a seller, you can get the pricing just right and achieve a quick close on the deal.
If you are looking to buy a property, understanding current market conditions will also be hugely beneficial, as it allows you to spot any potential bargains and also gives you a better chance of knowing when it would not be prudent to bid at the current asking price.
Consider the option of a brand new home
There has been a noticeable surge in new home construction figures in 2016, and there are expected to be just over 15% more new homes sold this year than the previous 12 months.
There are definite pros and cons to buying a newly constructed home. Buying a home where everything is bright and shiny and comes with guarantees has obvious appeal, especially when you consider that you will be the first person to set up home there and won’t have to make decor or layout compromises.
The obvious caveat attached to buying new is the fact that you will probably pay a premium, although competition for the deal might not be as a fierce as a private sale.
There is a definite trend towards more people buying new construction properties, so it is a strategy that is certainly worthy of serious consideration.
Ready to move right now
The vast majority of buyers who are in the market for a new home seem to be biding their time for the spring-summer peak season.
The smart move if you are ready and able to move right now and have all of the finances in place, is to consider buying before the rush if you can, so that you face less competition and might just be able to get the home you want at just the right money.
Whether you are buying or selling, keep your eye on the market if you want to make the most of your investment opportunities.
Abigail Moran has worked in the property field for years in a range of roles. She is very knowledgeable and is enjoying sharing that with folk online.