The current real estate market is rather unique - we are no longer at the height of real estate like in 2006, but at the same time we are no longer burdened by a backlog of foreclosure properties. Instead, the current real estate market is perfect not only for those looking to buy a new home but also for individuals who have been waiting for the housing market to pick up over the last few years before listing their properties on the market.
Regardless of whether you are looking to buy discounted properties or sell your home, it is pertinent that you understand the current real estate market.
Buying Real Estate in 2013
Although many foreclosures have left the market, there are still some incredible foreclosure deals available to investors and potential home buyers looking to purchase homes below market value. The key to finding these amazing properties is to utilize foreclosure listing services and to know which areas still have high foreclosure inventories.
For example, many of your judicial foreclosure states are still lagging behind non-judicial foreclosure states. Therefore, if you are looking for a new home or investment property in Florida, then you may have a higher chance of finding a distressed property below market value than if you are looking at states that are already making significant progress toward recovery.
Selling Real Estate in 2013
On the other hand, if you are attempting to sell homes in 2013, you will need to understand your buyers. Not only will those looking to retire be searching for new properties, but so will Millennials. Therefore, when marketing your homes you will not only have to market to those quickly approaching retirement and looking to either downsize or purchase a second home, but you will also have to appeal to Millennials.
Furthermore, those selling real estate in the current market must also compete with discounted properties - such as foreclosure. Therefore, it is essential that you property stage your home and make required repairs and renovations that may be essential to set your home apart from other, similar homes on the market.
Home Building in 2013
Throughout 2013 there will more than likely be a rise in home building as consumers and real estate investors alike become more confident in real estate market progress toward recovery. In fact, building permits are up 3.6%, which is the highest point since 2008.
In short, the current real estate market is great not only for buyers, but also for sellers. However, finding foreclosure deals requires understanding where to look and selling in the current market requires knowing your target audience. Throughout 2013 we can expect to see a steady rise in consumer confidence as the real estate market continues to make steady progress toward real estate market recovery.