The housing market can be volatile at best and unstable at worst.
When buying or selling a property, it’s extremely important to gauge the market you’re diving into. The property market is no different.
There are many different variables that can have an effect on the property market. Here are just a few things you should know before beginning the hunt for your dream home.
Millennials Are Changing The Game
Over the next five years, at least 66.5% of millennials are planning on buying homes.
With every generation comes different trends and unique attitudes when it comes to investing in real-estate.
Now, with an ever-growing percentage of the largest generation in U.S. history setting their sights on taking on the real estate market, you can expect to see the effects of this.
Over half of millennials are doing their house-hunting on their phones. Information is more difficult to control, and now more accessible than ever.
Reading the property market is easier to do when you have it at your fingertips. Before you commit to buying or selling, search through and compare your many options online.
There’s An App For That
With the uptick in people using their phones for anything and everything, there are now apps that facilitate the process of house-hunting.
Some of the best apps for this include:
- Century 21 Local Listing Search
These apps are just one new aspect of the experience and are worth knowing whether you’re buying or selling.
Seasons Affect Housing Market Trends
Believe it or not, some seasons are better to buy or sell in than others.
Spring and Summer are typically the busiest times for people to move house, sell, rent or buy.
This is often because it’s easier to get the time off from work to do so. Kids are out of school, and the good weather makes everything better.
Smart investors usually avoid these times, as the higher activity means prices go up exponentially. For sellers, however, this is great news. Whether you’re buying or selling, pick your moment well.
The State of The Economy
The housing market is extremely sensitive to the economic cycle. If the economy is slow-moving, so too is the real-estate market.
Common Economic Indicators that can shed light on whether the time is right to buy or sell are as follows:
- The Average Cost of Living
- The State of the Labour Market
- Manufacturing Activity
Tax Credits, Subsidies, and Deductions are common tools the government uses to temporarily boost demand for properties.
Being able to detect these manipulations can be of great help to investors. This way, you can spot false trends and focus on the best method of investment.
Is it A Good Time To Buy Or Sell?
The US housing market is still going strong. So what better time to get stuck in than now? As long as the job market thrives, the real estate market should continue to expand.
If you’re based in the Los Angeles or Orange County areas, or are interested in their housing markets and want to find out more, feel free to leave a comment below or get in touch with us today.