Current State of Real Estate On The Move
The residential real estate market is on the move and predicted to continue to thrive. Who would have ever thought that 2020 would take such a turn that anyone and everyone in any kind of position to buy or sell real estate would seriously contemplate doing so now regardless of their immediate goals? A plethora of data is saying that this is exactly what’s happening.
Does this mean that we need to drop everything and find a way to purchase our first home, sell our existing home to upsize or downsize, or even purchase a second home? Well, the answer is obviously no. But, it does mean that you definitely need to start thinking about your real estate goals and mapping out your future plans if you haven’t already done so. Here are three key reasons why:
Our lives can change in an instant.
This year has certainly shown that our lives can change in an instant. Having a plan of action to execute something as complicated as a real estate sale or purchase can equip you to act when the market is on the move whether for better or for worse. Being able to execute that plan quickly in the event there is a need can benefit anyone.
- National home prices are up 8% year over year. NAR
- July recorded a 60.7% year-over-year increase in nationwide showing activity. ShowingTime Showing Index
- Home sales are predicted to increase by 8-12% next year. NAR
The federal reserve has made numerous statements to the effect that interest rates should remain low for the foreseeable future. However, the enormous deficit spending as a response to the Covid crisis could force changes to our economy and financial system that may at some point be beyond the Fed’s control. Taking advantage of today’s historic low rates is an opportunity that people should not pass up.
Home inadequacies affect quality of life.
People are spending more time in their homes than ever before which has brought to life the inadequacies of their space. Everyone is asking themselves, do I have the right kitchen? Do I have the right home office setup? Do I have enough outdoor space? If the answer is no, they’re contacting their real estate agent or searching online to find one.
Search for outdoor space is up 230% since March 2020. Home prices are increasing in 90% of cities and many home buyers in suburban markets are actually making this home purchase for a second home. “Cities are resilient and are already starting to recover from the Covid crisis.” Robert Reffkin, Compass CEO
Financial Peace of Mind Matters.
“Those shopping for a home can afford 10% more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.” Having a financial plan in place, ready when the opportunity arises to buy or sell, is important for both your financial peace and your future. So, now is the time to journal what your primary needs are in a home with a futuristic view of what could happen.
Doing your research on the best community for you and your loved ones can also pay off. Dallas – Fort Worth has so much to offer that you’ll want to know the market before you start looking. Be sure and form a good relationship with a real estate market expert who can equip you with the most accurate information.