As a frenzied year comes to a close, there’s little indication of real estate sales slowing down anytime soon. Given the ever-present demand and housing shortages in most markets, we see the 2018 real estate trends continuing to include high prices and competitive bidding—with buyers growing more flexible to find their next home.
Selling Like Hotcakes
Real estate in 2018 may not see quite the same eye-popping numbers as 2017, but growth will continue. Realtor.com forecasts a 2.8% rise in existing home sales, up to 5.8 million. New construction sales will see an 8% increase to reach about 670,000.
Bidding Wars for Real Estate in 2018
Sellers should feel confident about setting high asking prices. Following a 5% surge for 2017, another 3.5% increase looks like a strong bet. One broker told the NAR he’s seen bids reach 30% over asking in Seattle.
Multiple factors are buoying home prices. Builders cannot keep up with demand. Young buyers want to live near city centers. Owners are holding on as prices rise a bit further. Simply put, there’s no reason for sellers to compromise on price. With smart real estate marketing, any seller can find a buyer willing to meet or even exceed the asking price.
Buyers Casting a Wide Net
On the buyers’ side of 2018 real estate trends, the expectation is that fewer boxes will be checked. With low inventory, buyers are compromising on one or more big wishlist items, be it a particular neighborhood, their commute time, or even the size of the house.
Even in an aggressive market, it takes work to attract the right home buyer. People will put in a bid on a home that doesn’t match all their criteria, but only if you make the house discoverable.
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