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You're thinking about jumping into the world of real estate - be it as a buyer, seller, or just an eager observer. Navigating this domain can feel like trying to solve a Rubik's cube, but fear not! We've pulled together some of the key housing market trends to help you decode the mystery.
Trend #1: High demand vs. low supply
A defining characteristic of the current real estate climate is the disproportion between supply and demand. As per general economics, when the demand outweighs supply, prices tend to rise. This is precisely what's happening in the housing market today. Buyers are aplenty, but the number of available homes is not meeting this demand1. Evergreen has taken it upon themselves to enhance the likelihood of winning those pesky bidding wars that you could encounter by offering our CashUp Suite of Products. Talk to your local Evergreen lender to get started today!
Trend #2: Skyrocketing home prices
Directly linked to the first trend, we're seeing home prices rise at unprecedented rates2. While this may be fantastic news for sellers who are getting a solid return on their investment, buyers are finding themselves in a difficult position, often having to stretch their budgets.
Trend #3: The shift to suburban living
We've been noticing a significant trend of people moving away from city centers towards more suburban or rural locations. The ability to work remotely, a trend accelerated by the recent global pandemic, has made proximity to workplaces less critical3.
Trend #4: Rise of Real Estate tech
Technological advances in the real estate industry have transformed the process of buying and selling homes. From virtual home tours to online mortgage applications, technology is making the process more efficient and user-friendly4.
Wrapping up
Knowing these trends will help you make informed decisions, whether you're selling, buying, or just watching the market. Remember, knowledge is power, and in the real estate market, it's your biggest asset! Let us help you through your journey, call your Evergreen partner today!
Sources:
1Based on various reports and articles indicating a significant housing supply shortage in the United States. For most recent data, please refer to the National Association of Realtors or similar bodies.
2As per multiple sources, including the Federal Housing Finance Agency (FHFA) and S&P/Case-Shiller U.S. National Home Price Index.
3Numerous studies and surveys have highlighted this trend, including those from Pew Research Center and Global Workplace Analytics.
4As reported by various tech and real estate outlets. For specific examples, refer to Zillow, Redfin, or other real estate technology platforms.
Program effective 9/13/2021, and is subject to change. Terms, restrictions and fees apply. For purchase loans only. Financing based on conforming loan limits. Not all applicants will qualify. Program only valid in select locations. Ask for details.
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