Anyone that has been in the market for a new home, or just has an interest in the real estate industry, knows that it has been nothing other than a seller’s market. Over the last few years, buyer frustration has been at an all-time high, while sellers have enjoyed the high-priced trend. Across the country, home values have continued to increase at an above-average rate, while the available inventory has been lacking, at best. This demand for homes has successfully allowed sellers to raise their asking prices, and the competition has pushed buyers to make offers that are considerably over the listing price, often finding themselves in a bidding war with other prospective buyers. But what do we have in store for the upcoming spring?
Whether your planning on renovating a newly purchased home or updating your family home, making sure you have a realistic and detailed budget is key. A well-planned budget to follow and modify as needed should be established before any purchases are made or contractors are hired.
It is no secret to anyone watching the housing market that within just the past year, the sales of new homes have increased to the highest level we have seen in over a decade. For anyone currently looking to become a homebuyer, this news puts more of a strain on the process, which can quickly lead to heartache and frustration.
In this current market, you need to be aggressive in your search and in your offers. There is no time for procrastination.
There are benefits to both scenarios. Understanding the factors that are involved in each will guide you to make the right decision for your particular situation. Finances, the real estate market, and even personalities are factors in which to consider when trying to determine if you should buy or sell first. Both scenarios have pros and cons worth considering which we’ll look at below.