Today's home buyers are poised to move and are equipped with more knowledge and information than ever. Buyers are searching for homes on the Internet and using different communication methods than they did 20 years ago. But there are 3 real estate trends that will continue into 2016 and beyond.
1. Buying costs less than renting
Based on data from Trulia, it is 35% less expensive to purchase a home than to rent and for Millennials, its 23% cheaper says CNN Money.
If recent trends continue (and it appears they will), rents will continue their upward spiral. If you've been considering buying a home, now is the time to start your search. Take advantage of still historically low interest rates and take advantage of the tax benefits home ownership affords.
2. The Internet is king
The first stop for both buyers and sellers, the Internet is the go-to information source. 43% of all buyers began their home search online prior to contacting an agent or looking for specific information about the home buying process. This percentage increases for younger buyers as this group has grown up with access to technology.
3. Having an agent is still necessary
Technology hasn't made real estate agents and brokers obsolete. In fact, 88% of buyers would use their agent in the future and would recommend them to others, states a National Association of Realtors profile of home buyers and sellers. Even though they have tremendous access to real estate information, both sellers and buyers still rely on knowledgable agents to guide them through the real estate transaction.
Buyers want an agent to find them the home that meets their needs, negotiate a great price and help them through the escrow process and the documentations that entails. Sellers want their agent to market and showcase their home, sell it within a certain timeframe and get the best possible price.
When its time to buy or sell, being armed with information from the Internet is great but having an experienced agent that understands your requirements and can guide you through the process is still crucial.
When you're ready to make a move in Marin or San Francisco, contact us. The Costa Group can help.
Excerpts from Inman Real Estate Trends by Brian Buffini.