The national real estate market has seen remarkable growth in the past few years. Lower mortgage rates sparked a significant spike in buyer activity, as did the desire and opportunity many had to relocate. Though mortgage rates have been on the rise again and home prices are increasing across the board, many buyers continue searching for properties in cities across the nation. All of California has seen incredible buyer demand. But local markets within the Golden State have unique market trends. One city may have an unprecedented appreciation, while median prices in another remain modest. If you want to get into the real estate game this year, follow these tips to ensure you’re able to tackle it head-on.
Explore your local market
It’s important to remember that though there are national and regional trends in real estate, local trends can differ. Many variables play into the ebbs and flows of a local market, from how many buyers search for homes in that area to how many sellers put their properties up for sale. When you consider investing in a particular city, research the local market to know how quickly homes typically sell, the number of homes on the market, and how much buyers usually pay.
Prepare early and know what to expect
Similarly, exploring the local market for La Verne real estate or Glendora real estate will help you prepare early and have a more successful investment. Once you know the median prices homes go for, you can create a more realistic budget. If you know an area is particularly competitive, you can strategize on how to put in offers. For example, some areas may see homes selling quickly and for above the asking price. With this knowledge, buyers can adjust their budget accordingly and avoid being blindsided by a competing offer.
Hire a top real estate agent
Keep an eye on mortgage interest rates
Buyers: strategize about the best time to buy
The best way for buyers to tackle the current market is by strategizing with their real estate agent on the best time to buy. First, however, you’ll need to determine your overall goal. Do you want to snag the lowest possible price? In that case, it may be to your advantage to buy in a month like April when listing prices tend to drop. Do you want to buy when there are the most homes available? In that case, it may be ideal to look around in months like May or June, as listings tend to increase. You may also want to consider how interest rates change monthly. Your real estate agent will be a wealth of knowledge as you strategize, helping ensure you meet your goals.