Buying and selling are two fun ventures for veteran and first-time homeowners. However, the market’s creating significant issues that need addressing. Keep these trends in mind as you go through the home buying and selling process. Read on to learn more about recent market trends that could affect your home buying experience.
Scarce Home Listings
Many home buyers and sellers are at odds with the real estate market. There’s no clear indication whether house sales will increase, as the pickings are getting slimmer by the day.
Many sellers aren’t selling, and far too many people are looking to buy. While this is good for competition, without the quantity, there are no chance sellers will profit from their sale as buyers wait longer to find their dream home.
For sellers, this market comes off as a good thing, but in reality, it’s not. With few properties for sale, buyers take longer to consider visiting and deciding on purchasing your house. Then again, your home could sell faster because of the number of individuals bidding on your listing.
For buyers, this market leaves you with a burdensome time sifting through the listings page via phone and website. The biggest tip would be to keep notifications on so that you can stay updated on new listings.
Skyrocketing Home Prices
Prices continue to increase—it’s not great for the seller or buyer. Prices keep rising because of demand and the increased popularity of certain cities and regions. As 2022 progresses, most areas can expect prices to increase steadily.
Higher home prices mean better market value, but that also means more trouble for you. As a seller, you should continue updating your home; your property value dwindles if you don’t renovate often to remain competitive. Update your property by at least painting the house—hire house painters in Cumming, GA to repaint the home’s exterior and interior.
Interest Rates Won’t Stay Low for Long
A bigger market trend that could affect your home buying experience is a shift toward lower interest rates. These rates are at an all-time low, and it’s a great way to save money now. This aspect pertains to both the buyer and seller. For the seller, low rates are a good thing because they increase a shopper’s confidence.
Low-interest rates are a slice of heaven for the buyer, but it’s only temporary. When working with banks, ensure you understand your mortgage rate and have at least 20 percent ready for a down payment. Additionally, prepare yourself for unexpected interest rate increases later on.
It’s an uncertain time for many buyers and sellers, but don’t let these tentative market events keep you from renewing your property and looking for what you want in a home. Bear Mountain Custom Painting, the top residential painting company in Alpharetta, is here to help all Atlanta residents ensure their homes are up to date and competitive in a demanding market. Contact us for information on our home painting services; we can’t wait to prepare your home for the market!