Spring is the most popular season for home sales, and real estate experts are predicting that 2018 will see a lot of them. Whether you're a buyer or seller, it's important to do your homework on the current trends in housing sales to get the greatest benefit from a real estate transaction.
Tennessee's residential housing market, like that of all states, is unique. Like other states, it also varies by region. However, real estate experts say there are several things that anyone involved in a real estate transaction this year should know.
There are more buyers than sellers
This past fall saw fewer properties for sale. Inventory was down over 13 percent from the previous year. If that trend continues, it obviously means that sellers can ask for more and buyers may even bid more than the asking price for a home to nab it.
Single-family homes are increasingly popular
Millennials are reaching the age where many can finally buy their first home or upgrade from a condo to a "starter" single-family home. Meanwhile, baby boomers whose kids have grown up and moved out are looking for homes that are smaller and easier to maintain. Therefore, two large demographics are competing for the limited inventory of small homes.
Looking for a home is easier than ever
People who are buying a new home for the first time in decades will be amazed at the technological advancements that make searching for the perfect home as easy as going on your computer. A multitude of sites let prospective buyers input their desired price, number of rooms and other criteria for a list of appropriate properties in their area. Often you can do a virtual "walk-thru" of a home and see a street view.
These advancements also let sellers go online to find out what their neighbors' homes are selling for and what kind of upgrades and amenities they'll be competing with.
Not every homebuyer or seller needs to consult with a lawyer. However, legal guidance from an experienced real estate attorney, even if it's simply to review the mountain of documents you'll be dealing with, can save money and headaches later on.
Source: Tennessean, "Top trends for the 2018 housing market," Feb. 05, 2018