The real estate market in 2018 – what we’re expecting

Are you thinking about buying or selling in 2018? Or just keeping your eye on the market? Here’s how 2018 is shaping up from the Vaz+Harwood Team’s point of view.

Still LOW interest rates

If you’re a buyer, the good news is that though interest rates are going up, they will still likely be historically low throughout the year. If you can buy sooner, before rates continue to go up even a little more, you can take advantage of rates at their still lowest. All of 2018 still looks like a great time to buy, though, with mortgages relatively inexpensive.

Low housing inventory

The housing supply doesn’t look like it’s changing much from 2017. It’s possible that many sellers, who used to be under water, have still not realized that their homes are now worth enough to sell. Others are in a chicken-and-egg situation where they don’t want to sell if they’re not sure if they can find another home to buy. If this describes you, let us know, as we skillfully help sellers succeed in this situation.

Still a seller’s market

Isn’t that good news! Because of low housing inventory AND low interest rates AND earnest buyers, it’s a great time to sell your house. That has been the case for the past couple of years and looks to continue in 2018.

The Spring Market has started early

Many buyers didn’t find a home in 2017, or lost in multiple offers. A considerable number chose to postpone their search AND will hit the ground running in January. 2018 will be zooming. Spring won’t be starting in March or April. It has already begun now in December. If you’re a first time homebuyer, mentally prepare yourself to compete with boomers who are downsizing and are cash rich (from the sale of their old home.) But we want to urge all of you to STAY POSITIVE! We have a proven track record of winning offers—check out our testimonial section. We have more than quite a few negotiation strategies up our sleeve to help our buyers buy AND we would be honored to be your realtors. Contact us today 

Buyers will succeed with the right strategy 

Though it’s a seller’s market, most buyers who make well-considered offers and approach the market strategically will likely find a home they’re very happy with. Having a great Realtor® will make all the difference in succeeding in a competitive market. Buyers also have to be pre-approved for a mortgage and ready to act very quickly when they see a property that they want to make an offer on. If you need loan officer referrals, we know quite a few folks we trust. Contact us today

Tax bill uncertainties

As of December 2017, the US House and Senate are still working out the differences in the tax bill, and final changes are to be determined. The real estate community has had a mixed response to the new tax proposals, with some deep concerns and also some possible benefits to homeowners. The challenge is that it’s been a moving target, and not straightforward to figure out what 2018’s tax landscape if going to mean to you personally. Our best advice is to keep in touch with your own accountant or tax preparer—especially if you’re making a housing change in 2018. 

The bottom line

Barring any major unforeseen events, 2018 will probably look a lot like 2017, with the main difference this year being the biggest changes in tax policy since the 1980s. There are compelling reasons for both buyers and sellers to be happy with this market, and take advantage of what it has to offer them, respectively! We would be very honored to help you SELL, BUY OR INVEST in a home. Contact us today

What do you want in your next home?