Online Brochure Provided by Skyworks Real Estate
Data & Presentation provided by CAR
Sales continue to decline as supply and demand are going through an interesting shift. Some demand issues might be due to the potential negative impacts of tax reforms a.k.a "The Tax Cuts and Jobs Act of 2017" as well as rising interest rates, rising housing prices, and simply a lack of quality inventory at non-inflated prices. I have seen a lot of pullback at the bottom end of the market from a demand standpoint, whether thats fears or inabilities of folks to jump into the market both from rising prices or rising rates, or there's just no real incentive for renters to become homeowners from a federal tax policy standpoint as well as corporations not being able to increase employee salaries to match current housing prices. It's a bit too early to tell, but this shift is suggestive of some undermining of demand, especially at the bottom end of the market, like first time home buyers. No reason to panic yet, we have an economy thats doing pretty well, prices are still on the uptick, rising rates are in their own way an incentive to some buyers to buy now, and overall there's still plenty of volume and money to be made by sellers, as well as deals to be made by buyers. My suggestion is if you plan on buying a home, make it a long term play. If you plan on flipping a home, make it turn-key and in a highly desirable neighborhood. If you plan on selling a home, make it turn-key and update it to fit today's modernized style and have a plan to downsize or re-locate to a more affordable area.
Disclaimer: This article is provided for informational purposes and should not be relied upon as legal advice during a real estate transaction. Please speak to your Real Estate agent or attorney for any advice. If you would like to work with a Skyworks Real Estate agent, please contact us directly.