Market is booming into the new year
It’s crazy to think that it’s been 10 years since the real estate crash and the beginning of the great recession, but finally the market is starting to boom again. This time, however it’s not based on having less than savory business practices. The market is healthy, and shows signs of a great year in real estate.
What are we looking at, as we head into 2018?
The price of real estate is on the rise, which is great. You’ve got to pay a higher price sure, but it’s indicative of a much healthier market than we’ve seen in the past few decades. We’re seeing a huge bump in demand, which is driving this surge in pricing. This makes the market great for sellers, especially those who might be looking to downsize a bit. You’re much more likely to get a good price for your home, and get that price quickly. No waiting for a year to get the price you were looking for. So, good news for sellers.
With this market really kicking up, we’re seeing another large boost in the fix and flip market. Many home builders shifted into the fix and flip market to weather the economic hardships. Now as everything is heating up again, builders are shifting their focus back to custom homes, and luxury communities. The space left has given a great chance for those looking to get into the fix and flip market. These house flippers are looking at selling these freshly renovated homes for a major profit. But that is great, the ability to make a profit and do something you love is part of the American Dream.
With all of these sellers and fix and flips coming online, supply is starting to rise up and meet the demand which will help stabilize the prices before they get out of hand. But all of this means good news for the real estate sector of the economy. It also means good things for anyone looking to buy a house, sell a house, or try to spruce up their existing house. When the real estate market is booming, it’s booming and it’s good for everyone. As 2018 approaches, there are lots of rea-
sons for everyone to be hopeful.
The biggest factor in all of this new year jubilation is that it’s for good reasons. Like I said, it isn’t that we have had poor
businesses practices artificially boosting up a market that is otherwise unhealthy. October’s official unemployment rate is lower than we’ve seen for 17 years, and with good jobs on the rise people can afford to get into the homes they’ve been waiting for. Now, to be fair we are always a little wary of
a booming real estate market, since its last crash caused such a problem. However, it is cause for hope. More and more markets across the country are coming online, and more and more people are able to get into the new home that they’ve been eying.
Keep a watchful eye to the future buyers. Things
are good right now, but if they aren’t so good, you need to be able to afford that home you bought. Make sure that you are paying attention to the taxes associated with it. Think about what happens if your salary takes a hit, someone cannot work, or there is an illness. These aren’t things you want to
think about, but these will be the flashing lights of a market that is overextending itself. So long as people are truly counting the costs, the market will be a great and prosperous one.