Trends: The 2018 Real Estate Market Heats Up

With experts predicting sizzling summer market conditions to continue in many states, what real estate trends are integral to buyer and seller success?

2018 Sales a Week Faster than Last Year

Sellers

Priced right, the pressure of a faster home sale has been relieved, and negotiating power improved.

Buyers

Fierce competition means 10+ percent cash down and mortgage pre-approval is imperative for proving commitment to purchase. To win a home, buyers must be first out of the gate, searching daily with their list of prioritized must-haves. Then they must stand out from the competition, sweetening the pot with the help of a good agent who can draft an enticing offer.

• Tip: Including a personalized photo and letter about who buyers are and why they love the home promotes a personal connection.

Higher Prices for 2018 than Last Year

Prices from February 2017-2018 have increased a shocking 10 percent!

Sellers

Higher sticker prices are dominating real estate trends, prompting sellers to make big plans for pocketing the payback and downsizing, or upgrading HOME 2.0.

Buyers

With only 1 of 3 homes priced under $200,000, and HALF of buyers competing for them, it's integral in these market conditions for buyers to:

• Crunch the numbers, determining how much home they can truly afford prior to shopping.
• Stay within these constraints, and avoid getting impatient or competitive to avoid financial disaster. (Hello, 2008 housing crisis).
• Sacrifice some 'wants' for an affordable home.
• Expand search criteria/area to find more affordable homes.

Market Hot Spots

These top 10 market hot spots could see even more extreme competition:

1. San Francisco, California
2. Midland, Texas
3. Vallejo, California
4. San Jose, California
5. Sacramento, California
6. Denver, Colorado
7. Santa Rosa, California
8. Colorado Springs, Colorado
9. San Diego, California
10. Stockton, California

To view the original article, visit the Properties Online blog.