Today’s market is at a turning point, making it more vital than ever to work with a real estate professional. Not only will a dependable real estate advisor keep you informed and help you make the best decisions based on current market trends, but they’re also experts in handling the many aspects of selling your house.

Here are five main reasons why working with a real estate professional makes sense.

1. A Pro Go along with the Latest Market Trends

2. A Pro Helps Maximize Your Group of Buyers

3. A Pro Understands the Fine Print

4. A Pro Is a Trained Negotiator

5. A Pro Knows How To Place the Proper Value for Your House

Bottom Line

Whether it’s following local and national trends and guiding you through a shifting market or pricing your house right, a real estate agent has critical understandings you’ll want to rely on throughout the transaction. Don’t go at it alone. If you intend to sell your house, reach out to a local real estate professional.

Today’s cooling housing market, the growth in mortgage rates, and rising economic concerns have some people asking: should I still get a house this year? While it’s true this year has distinctive challenges for homebuyers, it’s vital to factor the long-term gains of homeownership into your decision.

Think about this: if you know people who acquired a home 5, 10, or even 30 years ago, you’re possibly going to have a hard time getting someone who regrets their decision. Why is that? The reason is attached to how you gain equity and wealth as home values increase with time.

According to the National Association of Realtors (NAR):

“Home equity returns are built up through price appreciation and by paying off the mortgage through principal payments.”

Here’s a look at how just the home price appreciation part can truly add up over the years.

Home Price Growth Over Time

Even though home price appreciation has moderated this year, home prices have still increased considerably in recent years. The map below utilizes data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy those returns have been over the last five years.

If you see at the percent shift in home prices, you can see home values grew on average by almost 64% nationwide across that period. 

That means a home’s value can grow substantially in a short time. And if you increase that time frame even more, the value of homeownership and the drastic gains you stand to make become even stronger (see map below):

The second map shows, nationwide, home prices appreciated by an average of over 290% over roughly a thirty-year span.

While home price growth varies by state and local area, the nationwide average tells you the typical homeowner who bought a house thirty years ago saw their home almost triple in value over that time. This is why homeowners who bought their homes years ago are still happy with their decision.

Even if home price appreciation eases as the market cools this year, experts say home prices are still expected to appreciate nationally in 2023. That means, in most markets, your home should grow in value over the next year even if the pace is slower than it was during the peak market frenzy when prices skyrocketed.

The alternative to buying a home is renting, and rental prices have been climbing for decades. So why rent and fight annual lease hikes for no long-term financial benefit? Instead, consider buying a home. It’s an investment in your future that could set you up for long-term gains.

Bottom Line

Don’t let the shifting market delay your dreams. Data shows home values typically appreciate over time, and that gives your net worth a nice boost. If you’re ready to start your journey to homeownership, reach out to a real estate professional today.

The historically low supply over the past few years led to challenges for lots of buyers trying to get a home that saw their needs and their budget. If you’re in the same boat, you should know the recent change in the housing market may have opened up doors for you to reopen your search.

The supply of homes for sale has increased this year, and that’s giving buyers much needed opportunities.

But perspective is important. Overall, housing supply is still down. If you need even more options, expanding your search by adding other housing types, like condominiums, could help.

Exploring Condos Could Add Alternatives That Suit Your Budget

One thing to take into consideration is condos normally differ from single-family homes in average space and floorplans. But that size disparity is one reason why condos can be a more reasonable alternative. According to a recent report from realtor.com, condominium buyers paid around 7% less for their home than buyers of other housing types last year. With growing mortgage fees and home values, the comparative affordability of a condominium could be worth considering.

Keep in mind, your first home doesn’t need to be your forever home. The vital thing is to have your foot in the door as a homeowner. Buying a condominium now can springboard you into a larger home later on.

In other words, having a condominium will help you start building wealth in the shape of home equity. In time, the equity you develop can fuel a future purchase should you choose to buy a home with more space or various features.

Condominium Living Offers Various Great Perks

Improving the number of options in your budget through your home search is just one reason to think about condominiums, but there are more than a few other benefits to condominium living.

First, they manage to need minimal upkeep and lower maintenance – and that can give you more time to lay out doing the things you enjoy.

Plus, since many condominiums are in or near city centre, they offer the added benefit of being in close vicinity to work and relaxation.

Ultimately, having and living in a condominium can be a lifestyle alternative. And if that appeals to you, they might give you the added opportunities you need to buy your first home.

Bottom Line

Adding condominiums to your housing search could be a terrific move. If you’re prepared to search condominiums in your area, connect with a local real estate professional today.