Home Sales Expected to Soar Through 2018: What Buyers Need to Know

This article comes from http://www.realtor.com/ Clare Trapasso that talks about the pent up demand for housing. Check out what the demand is in Seattle:

“Bidding wars have gotten so bad in Seattle that buyers are driving up
prices 30% over asking in some cases, says local real estate broker Chris Bajuk,
of HomeSmart Real Estate Associates. (Seattle prices were up 12.2% year
over year in February, according to the latest S&P CoreLogic
Case-Schiller report.)”

That is a worst case scenario, but the future looks good for real estate and so is the demand. I mentioned this a lot before and I want to repeat it.  New home builds have been dead for a decade! That means that there will be a housing crunch going go a lot of years. They cannot build enough homes for a decade in a few years. They still have to keep up with today’s demands also.

“In 2017, the number of sales of existing homes (which have previously
been lived in) is expected to rise about 3.5%, to 5.64 million,
according to the midyear forecast from the National Association of
Realtors®. The group predicts that existing-home purchases will rise an
additional 2.8% in 2018, to 5.8 million.”

Existing home purchases are expected to rise by over 6% this year and next. That means that it is a sellers market and time to look at selling your portfolio or home. There are always good deals out there if you have the right Realtor and services behind you.

” “The combination of the stock market being at record highs, 16 million
new jobs created since 2010, pent-up household formation, and rising
consumer confidence are giving more households the assurance and ability
to purchase a home,” NAR Chief Economist Lawrence Yun said in a statement. “However, prices are still rising too fast in many areas and are outpacing incomes.””

There are a lot more jobs being created today and it is seriously under reported.  We are on tract to have around 6 million new jobs created this YEAR. People are wanting to get their homes in the areas they want to live in. You also have areas that are up and coming that will also benefit from this real estate market.

“In some white-hot markets along the coasts, prices are rising by double
digits because of the dearth of homes. That’s led many current
homeowners who might be interested in trading up to a larger, nicer home
in their area to hold off—because those homes are simply out of their
price range.”

That is very true, life changes also and you have to make adjustments. I met a couple this weekend that are going through a divorce and need to sale their home of 14 years. We also have clients that are relocating to this area. I have a new client that moved to Cleveland from San Fransisco because of the high priced Real Estate. He likes Strongsville Ohio a lot and we are going to start looking for him a home next week. So there are a lot of reasons to buy and sell a home.

There are homes to purchase out there, you just want to be ready to buy when you are looking. Have a pre approval and when you see a home you like Buy It. Call Brett 216-703-5740 Century 21 Premiere and 602-363-6551 EXP Realty and Playa Azul






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