If someone tells you it’s simple or easy to sell a home, they just don’t tell you the reality (or not all of it anyway). It turns out, though, that’s not something you might call fun. But knowing what to expect in advance enables tremendously whenever you undertake a challenging job. Before selling your Hollywood home, here are 4 facts you need to understand about the present real estate market.
1. Prices Are Still Rising, But Slowly
Home prices rose amazingly by 10 percent in 2017 and through early 2018. And while that price rise has slowed significantly, house prices will continue to rise throughout this year. Moreover, the amount of homes for sale is and will be only a very slight rise. This trend can mainly be ascribed to increasing interest rates on mortgages and overall financial uncertainty. As a result, many potential buyers remain undecided about taking the plunge.
This part of the present actual estate market implies you could now net more cash by selling your Hollywood home. But keep in mind that you may be looking at fewer deals while prices are still rising. And that implies you’re going to have to work harder to stand out from the contest and even more critical will be a successful agent.
2. Interest Rates Are Going Up
Hypothecary interest rates are on the rise after several years of remaining steady, now approaching 5% or a 30-year mortgage. The excellent news here is that a healthy economy is indicated by increasing interest rates. More people are willing to borrow and spend, and the real estate market has much of that borrowing / spending activity.
Nevertheless, as we mentioned above, with regard to rising rates, the current real estate market may mean that it will be on the market longer when you sell your Hollywood home, and you may receive fewer offers. Even though economic activity is strong, when interest rates are rising, people are a little more hesitant to take on a big mortgage. Again, aggressive marketing and working to stand above the competition will be required.
3. Most Home Buyers Are Millennials
In the present real estate market, a relatively fresh development is that the bulk of home buyers are and will remain Millennials. Today, as first-time buyers, more Millennials than Baby Boomers and Gen-Xers are entering home ownership. Thus, selling your Hollywood home will require advertising strategies tailored to Millennials and their preferences.
4. A Good Agent Is Still Important
Under the present real estate market circumstances, in order to sell your Hollywood home, hiring a good real estate agent is as essential as ever (perhaps even more significant now). Of course, hiring an agent is no guarantee of a excellent price for a fast sale, but it will tilt odds for you and boost your opportunities. However, you must ensure that your officer has the correct knowledge and skills to meet your needs.