The real estate industry has never been more competitive.
The next three years are set to be among the most competitive in decades, with some analysts forecasting a 20% to 30% rise in home prices in the next decade, with a further 20% or so expected in the coming decades.
But with a booming economy, a booming population, and rising mortgage rates, how should homeowners and investors prepare for what’s in store for them?
The Real Estate Institute of America, which advises investors, says there are three key factors that help you make a good investment.
First, you need to have a solid understanding of the types of properties in your area.
Second, you have to know when to buy.
Third, you should have the tools to manage your cash flow, as well as make smart decisions on when and how to sell.
To determine whether your home is the right place for you, you can start by taking a look at the market.
This could mean a thorough search through the local real estate directory.
If you are considering a property, you could also search local listings or the real estate agents website, which provides links to online agents.
If your home does not have an agent listed on it, you might consider searching on your own.
Finally, you must have a realistic assessment of your financial situation.
For example, if your home’s value is $200,000, you may want to consider a $1.5 million home in an area that has an average home value of $180,000.
This will not be as profitable, as you would be paying more than $1,000 per square foot to sell your home.