The real estate market has been experiencing significant shifts, making it an interesting time for buyers and sellers alike. From rising home prices to increases in interest rates to buyer demand and more, the current real estate climate can make it difficult to decide whether it’s the right time to buy a new home or sell your current one.
Find out what buyers and sellers can expect in today’s real estate market so you can make the best decision for you. Also, discover the best apps to assist you if you're planning to buy or sell a home.
WHAT IS IT LIKE TO BUY A HOUSE IN TODAY’S MARKET?
While the real estate market has been highly competitive recently, the climate has leveled out a bit—though not a lot. For buyers, the housing market is still tough with high prices and rising mortgage interest rates, not to mention the short supply of houses up for sale. But it’s better than it has been over the past two years.
INCREASE IN HOME SUPPLY
The shortage of homes for sale on the market has resulted in the extreme bidding wars. However, the supply of homes for sale across the nation increased this summer. Although the overall supply is still low, this slight increase in listed homes means buyers have more choices than they’ve had in the past year.
COMPETITION FOR HOMES HAS LESSENED A BIT
While there’s still a lot of competition for those looking to buy a home, partially due to the overall low inventory of homes for sale, the competition isn’t as severe as it has been for the past two years. Experts believe this is due to the rise in interest rates and consistently high prices of homes. Less of a competition puts buyers in a stronger position to negotiate on price.
If you’re looking to purchase a home, you’ll be relieved to know there aren’t as many bidding wars. Therefore, giving you some more power to negotiate.
MORTGAGE RATES ARE CLIMBING AND HOME PRICES ARE STEEP
Mortgage rates have been rising and are expected to stay high through the end of the year. Additionally, home prices are still steep, making buying a home at this time difficult for many buyers.
WHAT IS IT LIKE TO SELL A HOUSE IN TODAY’S CLIMATE?
The real estate market for sellers has also experienced a lot of competition over the past couple of years. But, just like the market for buyers, the competitive landscape has simmered slightly. Home prices are at record highs, but some early indications point toward a cooling market. So, if you’re looking to sell your home, here are a few reasons why it may make sense to sell your home now.
HOME SALES ARE HAPPENING QUICKLY
Since there’s a limited supply of houses listed for sale, and the increase in inventory isn’t enough to make a huge difference, your home becomes a hot commodity. When home buyers compete for a smaller number of homes, sellers have an advantage and can ask for a more competitive price. Additionally, sellers may not have to compromise as much on negotiated items.
While it’s still a sellers’ market, the competitive landscape has decreased from what it was. Therefore, giving buyers more negotiating power than they’ve had over the past two years.
HOME PRICES ARE BEGINNING TO STEADY
While home prices are still high, they are beginning to come down a bit. Most homes are still selling way over the asking price, but the prices aren’t as astronomical as the market has seen recently. Sellers That Convert to Buyers Should Proceed with Caution.
WHAT ABOUT IF YOU’RE LOOKING TO BUY AND SELL?
If you need to buy a new home after selling your current one, it’s advised to proceed with caution. Due to the market still favoring sellers, there’s a good chance you’ll have trouble buying a home.
However, if you’re looking to move from a high-priced home in an expensive area to a cheaper home in a more affordable area, it may make sense to sell and buy in this market. Otherwise, you’ll likely be better off waiting a bit longer.
HOW CAN TECHNOLOGY MAKE THE BUYING AND SELLING PROCESS EASIER?
If you’ve decided now is a good time to buy or sell (or both), using home apps can make the process more convenient. The real estate apps below can make your buying and selling journey more manageable and less stressful.
Zillow offers a variety of impressive features, such as enabling you to share a prospective property with your partner or roommate, next-generation 3D home tours, a signature map, and home value estimate tools.
Ojo enables you to customize your search, connects you with industry experts, and equips you with financial tools so you feel prepared to buy or sell.
Trulia’s app offers plenty of neighborhood-focused features to help you geographically narrow your search and customize your needs and wants.
- Xome Auctions
Xome Auctions features a comprehensive listing of online bids, making it the best app for buying a property through an auction. It also states whether the property is financeable or needs to be paid for in cash.
The Redfin app, from the Redfin real estate brokerage firm, combines cutting-edge technology with actual Redfin real estate agents and customer service employees, making the human component a huge differentiating factor compared to other apps.
- Rocket Homes
The Rocket Homes app from mortgage lender Rocket Mortgage, allows you to search for homes on the market while also preparing for the mortgage application and home purchase process. It includes a free credit-tracking feature that won’t affect your credit score.