Are you planning to buy or sell a home? The real estate market is not the way it used to be. It continues to change and new trends are to be considered if you are either buying or selling a property.
Nowadays it takes about three weeks to sell a home. Five years ago, it would have taken about 11 weeks. Thanks to the low supply of houses, home prices were pushed up resulting to multiple offers and bidding wars. The demand for a home has increased due to the fast growing economy and increasing number of jobs.
Due to this it has been difficult for buyers for the past years because the real estate market has been experiencing a slight delay in construction. There was a decade of underproduction that the market is still trying to catch up with. Home prices have gone up as a result. Hopefully, by 2018 this will no longer be an issue. The more houses are built the more affordable and less costly they will be priced.
It has been projected that 2018 would be a better year for real estate agents. For this year buyers are the ones competing with each other on who gets to buy the house first. Some buyers would insist to seeing the house before the show and make their offers earlier. It is also a good time to sell your house if you are moving out of the country. You can get a better price now as the market has a high increase in demand.
Mortgages are important in real estate. It aids buyers in making a large real estate purchase without having to pay the full amount upfront. A set of payments over a period of years are predetermined to help buyers to afford a home.
The only disadvantage to a mortgage is foreclosure. This is when a buyer can no longer afford to meet the set of monthly payments to the bank. To avoid being evicted from your home, it is highly recommended that buyers carefully think about their finances before considering buying a house or getting a loan. This is a big leap and a long term commitment that would be a big financial loss if the deal cannot be completed until the end.
That is why a mortgage calculator can be of great help with the decision making process. Consider more than one option and use a reliable mortgage calculator to help you plan and compare mortgage loans to see which option can help you save more money. Base it on your estimate household income-to-debt and fixed monthly budgets before you decide. The goal is to avoid foreclosure and have assurance to close the debt.