Real Estate Market Lives Up To 2018 Predictions
Statistics Show A Rise In Home Prices, Green and Smart Technology, And Team Selling
HHIMLS statistics show that the real estate market lived up to its 2018 outlook prediction.
Home prices are continuing to rise, and are expected to increase even more throughout 2019. According to CoreLogic, the leading property analytics and information provider, this past April surpassed April 2017, by a total of 6.9 percent. CoreLogic predicts that by April 2019, prices will have grown by an additional 5.3 percent.
“Home prices are growing more and more each year due to the lack of inventory, strong mortgage demand, and improving incomes,” said Colette Stevenson, chief executive officer of Multiple Listing Service of Hilton Head Island (HHIMLS). “If you plan on searching for a home, now is the time. Many people tend to purchase homes in the spring, meaning the lack of good home inventory will only decrease.”
Although the shortage of inventory is affecting home prices, it is not affecting buyers’ interest in green and smart home technology. HHIMLS members are able to recognize what homebuyers want in a home due to their access to real-time data and the ability to track current trends. Buyers are searching for a home that has trending smart home technologies, energy-efficient appliances, and an agent that is easy to work with when buying or selling a home. Sellers should consider smart technology that allows buyers to have total control right from their smartphone to increase the chances of selling for a great sale price. A few smart technology improvements include thermostats, lights and security systems.
“We are seeing more homebuyers being driven to purchase based on what technology the home comes with,” said Stevenson. “Buyers only have things that are provided to them in the home when they buy, so if a home has older appliances, buyers will have to spend more money and time upgrading to what they desire. Sellers should improve their home’s technology and appliances if they want to sell for the best price possible.”
Additional home updates that can attract a buyer’s eye are eco-friendly home options such as tankless water heaters, solar panels and smart meters. Top tech trends include smart smoke detectors, a video doorbell with built in security features, smart locks and smart light bulbs.
A rising trend across the industry is the growth of team selling and listing. Realtors® and agents are teaming together to list and sell homes promptly and at the best price. Team selling makes it easier to stay informed on which tools the competition is using in addition to upgrades in technology. Buyers and sellers have more access to agents in addition to a higher level of customer service.
As the market continues to grow, HHIMLS is staying ahead of the competition by providing members with access to industry-leading technology and top real estate professionals. HHIMLS members have access to real-time statistics and trends to help sellers sell their house and find the perfect dream home.
To learn more about HHIMLS or to find an agent near you, go to www.hiltonheadmls.com.
Considering a move to the Hilton Head area? Our Members access the latest Real Estate data, inventory, and tracking trends to help you find your perfect piece of the Lowcountry. By utilizing the most advanced tools in the industry, we make the process smooth and simple for buyers and sellers. Turn to an HHIMLS member to make South Carolina your home today.