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May 20, 2021 0 Comments gbredbangladesh Uncategorized Essential Personality Forbes.com, GB RED Bangladesh ..., GBRED, property, Real estate, real estate agent,

16 Essential Personality Traits for Real Estate Agents – Part 2

9. Work Ethic
Work ethic is the biggest factor separating average agents from the great agents. Unfortunately, there isn’t a magic wand to this business. To be truly successful, an agent must be willing to work harder than their peers. It may be difficult to initially find that hard-working agent, but when you do, it will be worth the energy you spent to find them. – Dan Dutton, OMNE Partners

10. Integrity
One of the most important characteristics to look for in a real estate agent is integrity. With integrity, there are many other characteristics which also become evident. These qualities will reap a sound, professional and successful outcome. – Peter Ferzan, Ferzan Company LLC

11. Trustworthiness
Trustworthiness is an essential characteristic. Ask yourself if is this someone who has demonstrated that they conduct themselves in a professional manner and that they put client needs first. – Nancy Wallace- Laabs, KBN Homes, LLC

12. The Ability To Listen
It’s hard to measure, but the ability to listen is essential. It can’t be taught, so agents must gather valuable information. Clients give the need-to-know signals if you listen. An agent must encourage conversation and step back. You can take notes when appropriate, but ask if they mind. They will know you are listening to them. – Michael J. Polk, Polk Properties / Matrix Properties

13. Resourcefulness
Real estate transactions are complex, requiring effective handling of a lot of unknown situations. A resourceful agent makes sure that you do not have to settle for less, and provides multiple solutions so that you achieve your desired goal. Resourcefulness is a direct result of years of experience and innovative thinking habits. Look for a resourceful agent to represent you in your next deal. – Amit Inamdar, Own Sweet Home Realty

14. Experience
Interpersonal skills, negotiation strategy and composure are a few things you should look for in an agent, but it ultimately boils down to trusting their experience. There’s so much data, information and options on the internet, it’s easy to educate yourself on the basics. Having someone who understands the nuances through years of experience is key to a successful transaction. – Jennifer Anderson, Anderson Coastal Group

15. Responsiveness
Responsiveness is key. No matter how busy agents are, the good ones always make time for their clients. Great agents make their clients feel like the most important people in the world instead of just working the deal and moving on. – Jason Hsiao, Shaw Investments

16. Good Energy
One essential quality to look for in an agent is good energy. Are they down to earth and positive? Do you feel that you can trust them? Energy reveals everything about a person, and relationships are everything in real estate. You will grow especially close with your agent during the transaction. Make sure it is someone you trust, feel good about and has good energy. – Pamela Bardhi, The Mosche Group

Source: Forbes Real Estate Council, forbes.com
Photo Credit: freepik.com

April 15, 2021 0 Comments gbredbangladesh Uncategorized Essential Personality Forbes.com, GB RED Bangladesh ..., GBRED, property, Real estate, real estate agent,

16 Essential Personality Traits for Real Estate Agents – Part 1

A real estate agent needs to demonstrate certain traits for them to succeed in this line of work. Granted, not all real estate markets are the same, but buyers tend to look for similar things before deciding they can trust a real estate agent. These traits tell the client a lot of details that the agent doesn’t even need to mention.

But what are these traits that clients look for when they talk to a new real estate agent? Sixteen leaders from Forbes Real Estate Council examine the essential characteristics that real estate agents ought to have, and what those traits tell clients about that professional.

1. Drive
I look for real estate agents that are driven from within by a cause, a passion or a purpose that involves serving people. You can’t teach desire or being driven. To me, this intrinsic characteristic is the foundation upon which everything else is built. A person must be driven to have the qualities of competency, honesty, integrity, responsiveness, transparency, etc. People can feel this energy! – Bobby Bryant, Ask Doss

2. Curiosity
Eighty percent of what you hear from your agent at first should be questions, not a resume, pitch or anything else. That’s how they get to know you—and thus your needs—and this is how they can truly help. In turn, you can be comfortable that as a deal advances, you are being persuaded—not manipulated—so that everyone can win. – Nathan Headrick, BluWater

3. Honesty And Persistence
The best brokers are the ones who worry about the long-term relationship and the ones who have strong morals and ethics with the ability to be completely honest with you. On that same token, being pleasantly persistent is important as this is the main function of what brokers do. If you cross that line, you become annoying or ruthless. You need to know how to master being pleasantly persistent. – Heidi Burkhart, Dane Real Estate

4. Transparency
Transparency is key. While a licensed real estate professional should know that their primary duty is to their client, it is also essential for any professional to maintain objectivity and transparency toward other parties in a transaction. A win-win transaction can only take place when material information is communicated and understood by all parties involved. – Bryan McLaren, Zoned Properties, Inc.

5. Technological Mindset
Real estate agents equipped with technology in their business practices can offer modern solutions with data, automation, artificial intelligence and transparency. Access to data and automation can provide more clarity toward the real estate market as a whole while selling, buying or renting a home. – Chuck Hattemer, Onerent

6. Communication
I’d look for communication and transparency. While we maintain confidentiality with our clients, it is essential to be able to communicate in a clear and transparent way. Emails and texts are a great way to have a record of communication “in writing” but it is also essential to build a rapport with clients and business partners. – Marco Del Zotto, High Elevation Realty – RE/MAX Alliance

7. Underlying Passion
Don’t just tell me what I want to hear. When selecting an agent, direct and candid communication, deep market knowledge, comprehension of the numbers, willingness to hustle and consistent follow-through are my basic requirements. Once I find these qualities, I make sure the agent has an underlying passion for real estate. Without that passion, the other qualities always fall short. – Joanna Schwartz, Quartz Properties

8. Emotional Intelligence
In my opinion, emotional intelligence separates market leaders from distinctly average agents. Reading and understanding clients is a prerequisite to solving their real estate problems with well-thought-through and meaningful solutions. Get that part right and clients will buy from you rather than you selling to them. – Jonathan Hopper, Garrington

Source: Forbes Real Estate Council, forbes.com
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April 7, 2021 0 Comments gbredbangladesh Uncategorized Bangladesh buyer, GB RED Bangladesh ..., GBRED, property, Real estate, real estate agent, realtor, seller,

What Sellers Want from Their Real Estate Agent

It’s easy to say that the seller wants to sell fast and for top dollar. Of course, that’s true. As real estate professionals, we provide a number of valuable services in setting up a listing to sell fast for more money. Knowing what our seller’s value or their perceptions of what we offer is important. By providing the services they expect plus a few more they find surprisingly valuable, we create clients for life.

Actual Seller Input, Not Our Assumptions

We may think we know what sellers want and need from us to sell their home or land. The best way to know is to ask. It is done every year in a survey of buyers and sellers of real estate done by the National Association of Realtors. We’ll look at one year’s report stats here. Surveys taken of sellers probably show many of the things we would assume, but possibly not in the order of importance we would think. The requirements here are in order of their importance to the sellers, most important first.

Find a Buyer for Their Home

Helping find them a buyer was, as we might have assumed, the top requirement of sellers, with 28% placing this as their top concern. This tells you that your marketing plan and media are quite important to your prospective listing clients.

Sell Their Home Within a Specific Time Frame

This seller requirement was only 1% below the top one, with 27% of sellers desiring this service from their real estate agent. It’s highly related to the first one, with marketing being a very important factor in how fast a property sells.

Price Their Home Competitively

With 17% of sellers placing importance on this requirement, they’re telling us that puffing their egos with a fat listing price isn’t what they want. They want their property to sell. Do a through market analysis and be honest with them about expected results at different price points.

Find Ways to Fix Up Their Home to Sell It for More

This might surprise some, at fourth in importance with a 12% response. Maybe that Home Staging® class would be a good idea. Or perhaps suggesting a staging professional would be appreciated. At the very least, don’t be bashful about suggesting things to do to enhance the look and presentation of the property.

Help With Paperwork, Inspections, and Settlement

Many real estate agents would have assumed this requirement to be higher on the list. However, only 7% of sellers made this a priority need. It is very important, but using this list as a guide, you want to build your listing services presentation around marketing and proper pricing first.

Negotiate and Deal With Buyers

Here again is an item that many real estate agents value more than their seller clients. At 5%, sellers are telling us that it’s one of their needs, but down at sixth on their priority list. By all means, tell your sellers about your negotiating skills, but use this list to prioritize your presentation.

Update in the New Internet-Intensive World

This article is updated to reflect the realities of getting listings from sellers who are more educated in real estate and the local market because they can get loads of free information on the Internet. It’s also a competitive issue, as they can check out many agent websites to see who they believe is doing the best job of marketing.

The first thing you need to do is to make sure that your photos are top notch, even professionally taken if you’re in a high-end price market. Images are the top requirement of home buyers on the Web, and sellers will want to see that you’re doing a good job for your listings.

the other thing you need to do to impress sellers is to show them your syndication list. These are the major websites their home will be displayed on once your listing is syndicated through your efforts or a third party. They want maximum exposure.

Source: James Kimmons, Founder and Director, Right Property Group, thebalacnemb.com
Photo Credit: freepik.com

December 30, 2020 0 Comments gbredbangladesh Uncategorized GB RED GB RED Bangladesh, property ..., Real estate, real estate agent, realtor,

Why great comparable evidence is essential

Making the right choices is imperative because poor decisions in real estate can be expensive. Perhaps the most crucial conclusions an investor needs to reach revolve around property value and rental assessment.

Get these two elements right and you can maximize your results. Muddy these numbers and a very costly result is on the cards. Of all the inputs you must draw upon when assessing property value and rental return, selecting appropriate, comparable evidence is the most important.

However, locating, selecting and analyzing your comparable isn’t as easy as it first seems. Here are my top tips to using sales and rental evidence so you can land on the correct figures for your investments.

Take a step back

There’s no two ways about it – most property people feel emotional attachment to their investments.

While feeling ‘warm and fuzzy’ about your bricks and mortar sounds nice, adding emotional premiums is a mistake that’s easy to make. People become egotistically wrapped up in their property. They need to step back and look with a cool heart and clear head when they start comparing it to the available evidence.

When it comes to calculating numbers, having a sterile approach to the property can be challenging, but it’s the only way to truly gauge at what level you should be establishing sale and rental figures. Take the ego and emotion out – you’re not helping yourself by having rose-colored glasses on.

Buyers are well informed these days too, so they’ll have done their research. Overpricing your property serves no purpose apart from extending the selling or rental period, and burning out the buyer or tenant pool.

Compare like with like

The key to using comparable evidence lies in identifying transactions that relate to properties as similar as possible to yours.

Do not use vastly different properties and then attempt to justify and compensate the figure to draw your own conclusions. There’s a huge margin for error in this approach.

A three bedroom is a three bedroom – do not compare it with a five bedroom.

River frontage is just that, not eight blocks back and facing the opposite direction – regardless of whether it’s in the same suburb or not.

While you would like to have identical recent evidence, at a minimum you should seek five primary similar features:

Number of bedrooms
Number of living areas
House size
Land size
Construction type and age
Keep it recent and local

When markets are moving, it can be hard to keep up. It’s even more difficult when they’re changing direction.

To overcome this, I believe you should try and keep your comparable to those that have transacted within the past three months.

This is a tight enough time frame to ensure relevance. In fact, some of the best evidence for sale prices are those contracts that are signed and unconditional, but still awaiting settlement. Rental data must be recent too.

Not only do rental markets move cyclically, rentals also have micro movements within the course of a year. Ask any tenant and they’ll tell you that, during certain months, supply will dry up.

In large metropolitan centers, this is often around the start of a year and towards June when transient workers and students are on the move. In regional areas in might follow employment prospects, such as seasonal picking in agricultural regions.

Either way, ensure rental comparisons are up to date.

Use reliable data providers

Locating data can seem tricky, but with a little effort it can be unearthed.

One approach for determining value is to get three local agents to do market appraisals for you. They’re area experts who have access to great, up-to-date information via either portals or their own recent recorded sales. They’ll happily package and present these details to you.

If you do go solo in your hunt, make sure sales and rental evidence is unearthed from a reliable source. Data providers, such as CoreLogic, record confirmed information and are even the go to choice for property valuators whose professional survival relies on adopting reliable sales and rental evidence.

Another source is the major listing portals which also have a ‘sold’ tab on their homepage. These can provide very up-to-date evidence, however if there’s any doubt about the stated sale price, make sure you call the agent to confirm the figure.

With rental comparisons, you can check on the portals again, but the best source will be your rental manager. These professionals have plenty of data among their files and should be able to provide you with reasonable comparisons for determining what to seek on your next lease.

Here’s a tip worth remembering – set a calendar alarm that provides a two-month heads up on your rental property’s lease expiration. This gives time to gather evidence and get your head around your area’s rental market strength.

Avoid bad evidence

When choosing comparable, dig below the numbers and understand the transaction. If you don’t, there’s a risk of relying on bad evidence that’s out-of-line with the market.

Bad evidence usually involves an additional element that will see a buyer pay a seemingly higher or lower figure than could be reasonably expected for a property. Some examples of unreliable sales evidence might be transactions that involve a sale between family members or to an adjoining owner.

Also, watch out for sales of properties with redevelopment potential – particularly where a higher-density zoning is involved. Their prices will look skewed, but study the information carefully and you’ll discover why.

Rely on outside eyes and minds

If, after applying all this advice, you still can’t dispassionately and logically use the comparable to assess your value and rental, then there’s an easy solution.

Remove yourself from the process and employ an expert who can.

Soldiering on will only have you spinning your wheels and wasting your time. Get the job done by someone who can quickly and accurately resolve the figures, because two months’ worth of procrastination might cost you five per cent in returns.

Source: Steve Waters, Founder and Director, Right Property Group, Retalkasia.com
Photo Credit: freepik.com

December 20, 2020 0 Comments gbredbangladesh Uncategorized GB RED GB RED Bangladesh, McKissock ..., property, Real estate, real estate agent, realtor,

Where will millennial’s want to live?

There are two factors fundamentally affecting real estate in the early part of the 21st century. First, the transition of millennials to being the predominant age group in the workforce, and second, their disposition towards urban living. Doane Kelly, Director Savills Studney and Duong Duc Hien, Director of Residential Sales, Savills Hanoi, examine the trends from the perspective of two different markets.

Preferences towards urban living have resulted to massive investments into urban cores, including within cities that were previously regarded as Tier 3. For example, Raleigh, in North Carolina, was initially not considered a desirable place to live in but has now become a thriving urban centre. Young people want to live, work and play within a close distance of each other. This is also clearly reflected in Vietnam’s market where satellite cities are gaining significant attention. Mr Hien provides a deeper insight, stating that the number of fresh graduates and people from other provinces that have chosen to stay in big cities has significantly increased the population density, which has led to travelling difficulties in such areas. In the scene where transportation remains inconvenient, young customers will value the accessibility of a residential product and surrounding amenities for their needs, whether it is for the purposes of living, studying, working, shopping, entertainment or healthcare.

Will this generation go through what every other generation has previously gone through, which is: once they’ve started a family, will they want to relocate out of the city centres, to access more space and affordable schools? The cost of private education in desirable cities can be prohibitively expensive. A lot of millennials are at the age where they may have only just started to have children or think about having children, so they haven’t faced the question yet.

According to Doane, the rise of the millennials, and their preference for urban living in developed countries is at the heart of many investment decisions right now. It’s a consideration we try to discuss with every client thinking about where to invest. On the other hand, Vietnam market is witnessing a converse trend as city residents are moving away from cities to move towards outskirt areas where satellite cities are built. The explanation for this is that the available land in big cities in Vietnam is now really rare, which makes it difficult to develop new residential projects. If there are any spaces available is, the investment would be enormous as the compensation for site clearing is huge. Hence developers hesitate to give out their money into developing inner city projects, therefore more inclined towards implementing satellite cities. Thao Dien is an example of a successful satellite city that has become a popular area attracting a significant amount of residents.

Ten years ago, it was all about advising clients on ‘the right region’ to find properties in. Now, it’s more about studying the inter-market dynamics within that region, which ultimately comes down to: ‘which specific location do I want in this region, to get the kind of talent I want?’. According to Hien, young people these days are equipped with thorough market knowledge; they understand key terms as well as the locations that can provide the best living standards and healthcare quality for themselves and their family. Hence these days we don’t start our property search with the client until we have completed an inter-market analysis. This means the actual property is becoming somewhat less important – because you’re not going to buy or lease a shiny new building that’s in the wrong location to accommodate your needs, no matter how much you like it.

On top of that, Hien also stressed the importance of developing the biological system in urban areas. Especially in developing countries such as Vietnam, where air pollution is ringing a warning alarm, thus actions for the environments should be prioritised. To address this issue, developers have started to invest in “green” elements of projects. An example of where this has been applied is the Manor Central Park project, which was developed on 200 hectares of land, half of which was used to create Chu Van An Central Park, and the other to build a residential area, which within will also have a central park to bring residents close to nature.

To conclude, the demand for the urban lifestyle for the millennial is rising gradually around the world. Aside from developing satellite cities and investing in the surrounding amenities of those projects for convenient and quality living, developers should also pay attention to preserving and developing more green areas. According to Doane, such elements could create prime living experiences, turning the projects into an escape space within the bustling cities, which eventually help to increase the value of such projects for clients.

Source: Duc Hien Duong, Director, Residential Sales, Savills Vietnum, Retalkasia.com
Photo Credit: freepik.com

December 6, 2020 0 Comments gbredbangladesh Uncategorized GB RED GB RED Bangladesh, McKissock ..., property, Real estate, real estate agent, realtor,

How to Become a Local Real Estate Market Expert

Real estate, like politics, is all local. When buyers and sellers are browsing the internet looking for the right agent to guide them through their next transaction, they’re looking for a local real estate market expert. Of course, they’re looking for someone with in-depth market knowledge. What are the sales trends? How much should they offer? What will the local real estate market look like in the next six months? But they also want someone who can introduce them to the community, tell them the best places to eat, and explain which schools serve which neighborhoods. They need someone to be their tour guide, to teach them what living in this community will be like.

A reputation for knowing your market inside and out can help your real estate career tremendously. Use the five strategies below, designed to help you claim your spot as the local real estate market expert.

1. Get involved in the community

You may already be involved in your local community. If you are, be sure to share your interests and affiliations on your website. You never know what could spark a conversation or make a prospective buyer pick up the phone and call you.

If you’re not already participating, get involved. Are you interested in local recreation and sports? Have you considered volunteering with Habitat for Humanity or your local Humane Society? Perhaps you’ve always wanted to join the church choir or become a mentor at the local Boys and Girls Club.

Being involved with your community not only gets your name out there; it also gets you immersed in what’s happening around town and allows you to share those experiences, and that knowledge, with your clients.

2. Connect with area businesses

Your clients may come to you for recommendations for everything from painters, to handymen, to places to eat, to the closest golf course. When you reach out to local businesses and learn more about what they offer, you’ll be able to better answer your clients’ questions. Consider adding a section to your website where you list local businesses. Or feature a local business on your blog once a month.

3. Walk or drive your communities

One of the best ways to learn about neighborhoods in your local real estate market is to get out there and take a tour. Drive out to the new development on the outskirts of town and take a look around. Learn the street names. Learn the quickest routes from each of your neighborhoods to the airport. Learn the differences among the local grocery stores, bakeries, and coffee shops.

4. Create local content for your real estate blog

Your website is an excellent place to start building up your credentials as a local real estate market expert. If your website or blog features content that helps prospects learn more about the community, you’ll bring visitors back to your site for more and establish yourself as a market leader.

Creating content doesn’t have to be time-consuming. Have you attended a local event recently? Update your blog with pictures of the event and a few short sentences about why events like these make your community a great place to live. Share local news stories on your social media pages.

5. Stay ahead of the most current local real estate market trends

Curating content about current market trends can be a great way to set yourself apart from others and show that you are a local real estate market expert. Your MLS is a great place to offer trends and statistics. You can also report content from other sources, such as the local newspaper or your broker’s monthly report, on how the market is doing. When you share this information—whether via your blog or maybe a newsletter—you’re making yourself a resource for your clients and potential clients.

Source: McKissock.com
Photo Credit: freepik.com

December 3, 2020 0 Comments gbredbangladesh Uncategorized GB RED GB RED Bangladesh, property ..., Real estate, real estate agent, realtor, retalkasia.com,

What 5G Means for Real Estate

Surprisingly enough, I get the question very often, ‘What does the G stand for?’ So, first of all, the ‘G’ stands for ‘generation.’ 5G represents the fifth generation of wireless technology for cell networks.

For the first few years, the transition to 5G won’t change your life much. The changes will accelerate and grow in scale as the infrastructure becomes more widely spread and the technology more developed. Within a decade or two, life could be so different with 5G and its successors that the present day might seem like the dark ages.

In China, ASEAN countries and Malaysia, you will see 5G rolled out in most often in locations that already have advantages. More densely populated, wealthier areas and those will large populations of professional office workers will have a much faster roll out of 5G infrastructure and network services than will other locations. The countries with the biggest 5G network are likely to be China, the US, Japan, and South Korea. The US and China are both expected to invest about US$25 billion per year on their wireless networks each year for the next decade.

National governments know that, if they don’t roll out 5G, they will get left behind in the next economic revolution.

China, Thailand, Malaysia, Vietnam, just about every country in the APAC region wants to roll out 5G as quickly as possible.

The uneven distribution of 5G and later generations of technology is likely to accentuate the digital divide and create new divisions within cities and nations.

Ultrafast 5G will tend to increase property values where it is present and to make property in other parts of the same city or country less desirable.

You can imagine the technology and value divide increasing over time as the services that rely on the fast connections increase in sophistication.

The Economist predicts that by 2025 only about 12 per cent of wireless connections will be 5G.

5G can be so fast that you could download an entire Hollywood movie onto your phone in just a few seconds.

Its responsiveness and speed will enable you to network almost everything about your home.

In the 5G world, your refrigerator, microwave, security camera, electrical system, climate control, and just about everything else can be linked to reduce costs, improve efficiency, and create new services for you at home. You know what they say, that the future is already here but just unevenly distributed. The same is true of the rollout of 5G.

The rollout has already started, but not everywhere. In the United States, for example, you can now get ultra-fast 5G services in NFL football stadiums but probably not in your apartment building or house.

It is too soon to know exactly how people will adjust to this new technology and what other impacts it will have on the real estate market.

For example, with fast 5G service, you might have the ability to put on VR goggles and virtually work alongside your colleagues from other locations. Will that make it more likely that you will telecommute from an idyllic country setting? Or will it tend to push you towards living in one of the big cities where the most innovative companies are based. We don’t have all the answers yet, but we do know big changes are coming.

The biggest impact I foresee from the rollout stems from the fact that some places will get it and others won’t. Some locations may never get the ultrafast service, while others already have it. Access will affect property values and lifestyle choices.

Would you pay more to live in locations with ultra-fast 5G service? I’m sure many people will.

Services and conveniences will become available in 5G areas that aren’t possible in other locations.

Smart cities will use 5G as their basic infrastructure. 5G will help make possible self-driving cars and even networks of vertical takeoff and landing air taxis, also known as flying cars.

Areas without the service will be stuck in the past.

Source: Georg Chmiel, Executive Chairman, Juwai IQI, Retalkasia.com
Photo Credit: freepik.com

December 2, 2020 0 Comments gbredbangladesh Uncategorized 2021 Bangladesh, covid19 ..., Dhaka, housing, housing marketing, property, Real estate, realtor.com,

COVID-19 remains ‘WILDCARD’ in 2021 Housing Market

As 2020 comes to an end, realtor.com’s economists believe that the housing inventory shortage won’t be as dire in 2021. However, it all depends on the course the COVID-19 pandemic takes.

Additional lockdowns and quarantines due to COVID-19 could put a dent in housing inventory and sales, potentially slowing down the market and putting increased pressure on buyers, the forecast said. But if a vaccine is rolled out quickly, it could lead to “better than expected sales” and an increase in home prices and inventory.

“The 2021 housing market will be much more ‘normal’ than the wild swings we saw in 2020,” said realtor.com’s Chief Economist Danielle Hale. “Buyers may finally have a better selection of homes to choose from later in the year, but will face a renewed challenge of affordability as prices stay high and mortgage rates rise.”

There was an increase of homeowners moving to the suburbs and rural areas this year as remote work became more common. The forecast said that unless remote work continues, and depending on if and when a vaccine comes, the demand for those homes could cool off. But, if more companies commit to long-term remote work, demand will continue to rise in rural and suburban markets.

This year, home prices have risen dramatically, mortgage rates hit record lows and inventory declined. Mortgage rates are forecasted to increase in 2021 – hovering near 3%, then slowly rising to 3.4% by the end of the year.

Realtor.com forecasts that 2021 will continue to be a robust seller’s market. Home prices are expected to hit new highs while inventory makes a “slow but steady comeback.”

There will be more relief in inventory for homebuyers. More homes are expected hit the market. Plus, construction starts are projected to increase 9% over 2020. However, even if new construction jumps at a 9% clip, it’s not enough to sap the continual rise in home prices.

Sellers will continue to hold the upper hand throughout 2021, the report said, leaving the number of buyers in the market to outweigh the number of homes for sale. Home prices won’t increase as quickly as they have this year, but will continue to reach new highs in 2021 at an expected increase of 7%.

In 2021, Millennials will continue to drive the market and Gen-Z will make its entrance.

“With less cash and no home equity, millennial and Gen Z first-time buyers will be impacted the most by rising home prices and interest rates,” Hale said. “While waiting until the fall or winter months of 2021 may mean more home options to choose from, buyers who can find a home to buy earlier in the year will likely see lower prices and mortgage rates.”

There still stands a possibility of a double-dip recession in the New Year. The realtor.com forecast says that although the U.S. continues to make a K-shaped recovery, the inequality gap is widening.

“In the short term, this could lead to less consumer spending which could more broadly impact businesses and economic growth,” the report said. “In the long term, this could impact the U.S. housing market as “would-be” buyers disappear from the market, cooling demand and driving down home prices.”

Source: Julia Falcon, Reporter, Housingwire.com
Photo Credit: freepik.com

July 8, 2020 0 Comments gbredbangladesh Uncategorized Real estate

Five Facts You Never Knew About the Holy Grail

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