How to Survive in Today’s Real Estate Market
In the past three decades, the real estate market has undergone a significant change because of the advancements in technology. The new revolutions have completely changed the face of the industry, and it is no longer what it was in the past. Needless to say, the past strategies are no longer applicable and you have to play the game differently from how your parents played it.
So what can you do to survive in the real estate market of today? We talked to some of the best real estate professionals in the country, and here is what they advised.
Everyone cannot be a homeowner
In the past, people got married when they were in their 20s, and shifted into a single family home, generally located out in suburbia. Their mortgages usually had a term of 30 years and the rates were fixed.
In today’s time, so many graduates relocate to other locations instead of living in their home towns because of better job opportunities. They often change jobs, and when they do so, income stability is not a guarantee anymore, which means they may not be able to afford a mortgage tomorrow even if they could today.
You must be prepared to buy but don’t rush into it
Yes, if you are planning to buy a home, you should close the deal as soon as you can, but that does not mean you should rush through the process. Make sure you can afford the home today and even tomorrow as well. And before you give an offer, take note of the repairs and ascertain they would not overflow your budget.
Real estate agents still matter
In the past, the primary role of a real estate agent was to provide information about houses for sale. Today, you can find all of this online. So does that mean you do not need an agent anymore? While you may have tons of information at your fingertips, there are still contracts, option periods, repairs and negotiations where you still need a skilled real estate agent.
It does not matter whether you are a seller or a buyer, your agent will come in handy when you have to take care of the details, and you will be glad you have one.