Positioning yourself for the 2017 real estate market is critical. Each market is different, that means each state, and each city will create a fully unique experience for buyers and sellers. Housing prices are expected to rise in the United States and specifically in Michigan, too.
Your specific positioning will depend on whether you are buying or selling in the market, and the type of property under consideration. Are you selling a condominium to move into a home? Are you moving to a city or a more rural area on the outskirts of town? One trend is clear – small home prices are growing faster than the price of larger homes.
Now Is the Time for Growing Families to Purchase
Families which are growing or seek a larger home to fit into are in luck. Less substantial price increases in the large home market mean 2017 will be the perfect time for these families to size up as needed. Getting extra space for all family members is important, make sure your next home has the rooms and square footage you will need for the future.
Nationwide average prices for two bedroom homes increased 59% between 2011 and 2016, whereas average prices for four bedroom homes raised just 41% in the same period. Most importantly, the overall inventory of larger homes has also risen approximately 8% during that period. This inequality translates into a market opportunity for families ready to make the move.
Flexibility Is Key
Finding the home of your dreams is not impossible. Remaining flexible in your needs can enable you to enjoy a great variety of high quality options. Expanding your horizon pays dividends too. Exercising some flexibility in your must-haves will speed up the time it takes to find a home and improve your chances of moving quickly.
Purchasing a home which requires some tender loving care is another great way to scoop up a deal. Homebuyers willing to put effort into a home can get the greatest bang for their buck. Upgrading appliances after purchasing can save you money instead of buying a pre-renovated home.
Lower Rates, Greater Security
If you are prepared to buy now, early 2017 will enable home buyers to catch low mortgage rates which first came about in 2016. Average rates are expected to rise though, so if you are likely to need financing you may be inclined to act quickly.
Retiring? You’re in Luck
Retirees interested in moving to warmer regions of the United States can make a profit when moving, especially to non-urban areas where prices have remained low since 2008. Homes in the Carolinas are especially good deals for older individuals looking to get a great home at a great price. Selling a home within a metropolitan area not only allows you to escape the noisiness, but also relax away from the typical city hubbub.
The Global Realty team is always ready to help you buy, sell, or manage homes, for more information, please give us a call.