The housing market was on fire before 2018, but this year saw a swift cool down, much to the despair of some real estate professionals. Overall, home sellers still have an advantage in the current seller's market, but what does 2019 have in store?
It's expected that the housing market will witness rising home prices and higher interest rates in the new year. Though the economy is expected to remain on its upswing, the next 12 months will prove difficult for both buyers and sellers as a potential recession looms on the horizon.
"For buyers, they will have more inventory to choose from, which is a positive, but on the tough side they will see continued rising prices and higher mortgage rates, so affordability will be a challenge," claimed chief economist Danielle Hale of Realtor.com.
This is the longest period of economic growth we've witnessed in the last 10 years, becoming one of the largest periods between recessions in American history. During 2018, the Housing Price Index (HPI) sits aloft at an all-time high that's 12% greater than the Great Recession of 2008.
"Coming off a peak seems to be a theme," reports the 2019 edition of Emerging Trends in Real Estate.
And if the recent stock market is any indicator for 2019, the U.S. is expected to hit high highs and low lows. The market has fluctuated considerably in the last two months, suggesting market fluctuations to follow.
What can potential and soon-to-be home sellers do to encourage buyers to invest in their property in the meantime? Here are some ways to get a leg up over the competition:
It's common for homebuyers to seek a discount when they realize an easy repair can be made. This might enable the buyer to purchase your home at a fraction of the price despite the easy fix. If you're looking to sell your home, ensure the proper repairs have been made before you open your doors to potential buyers.
For example, your gutters should be cleaned at least twice a year to ensure they retain their longevity. Something as small as a broken elbow joint could be enough to make a homebuyer turn up their nose at an otherwise great house.
It's estimated that the average homeowner will spend between 1% and 4% on their home's value in annual maintenance and repairs. Ensure you perform the necessary maintenance when you want to sell your home.
Curb appeal is huge in an ever-fluctuating market. No matter how great your home looks on the inside, you need to clean up the outside before you even think about showing pictures to potential buyers. In fact, nearly 90% of
You won't be able to sell your home unless you advertise your home online and in advertisements. Unfortunately, countless home sellers will take a grainy picture, upload it, and wash their hands of the ad without a second thought.
If you want to get people walking through your door, you need to take attractive, well-lit pictures. This will show you take pride in the quality of your home and attract more clicks than the grainy home photo next to yours.
You should also include facts and information regarding the listing in the post. This will help your listing stand out among the rest, especially when you incorporate fun facts and local attractions. For example, if you own a home with ICF constructed walls, this can save a homeowner between 20 and 25% on heating and cooling alone. It's attention-grabbing facts like these that will encourage people to actually visit your home instead of just bookmarking your page.
In an uncertain housing market for 2019, you need all the tools at your disposal to get a leg up over the competition. With these tips, you might be able to beat the expected downturn coming our way in the new year.