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7 Enduring Home Buying Tips from 2017 Still Relevant in 2024
7 Enduring Home Buying Tips from 2017 Still Relevant in 2024 - Work with a local real estate agent for market insights
Working with a local real estate agent provides significant advantages in navigating the current housing market.
Agents possess extensive knowledge of local market trends, helping buyers understand pricing dynamics, neighborhood characteristics, and available properties.
Moreover, local agents often have established relationships with other professionals in the community, which can facilitate smoother transactions.
The provided information highlights the value of working with a local real estate agent in the home-buying process, even in 2024.
Agents' market insights and connections can guide buyers in making informed decisions and navigating the evolving real estate landscape.
Their personalized expertise remains crucial in an environment where conditions can fluctuate significantly based on location.
According to industry projections, home prices in 2024 are expected to either stabilize or experience modest declines of 5-10% over the next five years, in contrast to the significant 18% rise seen in
A recent study found that homes located within a half-mile radius of a new public transportation hub see an average increase of 4% in property values within the first 3 years of the infrastructure's completion, highlighting the importance of considering long-term amenities.
Data from a leading real estate research firm shows that homes located within a mile of a newly constructed autonomous vehicle testing facility see a 7% increase in value on average, as buyers anticipate the potential for improved transportation access.
The number of homebuyers who prioritize access to high-speed internet and 5G connectivity when evaluating neighborhoods has risen from 42% in 2017 to 68% in 2024, reflecting the growing importance of digital infrastructure in daily life.
An analysis of home inspection reports revealed that the average number of identified issues per inspection has increased by 12% since 2017, reflecting the growing complexity of modern homes and the need for thorough evaluations to uncover long-term value.
A recent industry study found that homes that undergo a thorough pre-sale inspection prior to listing sell 11% faster on average in 2024 compared to those without a pre-inspection, as buyers are more confident in the property's long-term condition.
Data from a leading home search platform reveals that the average number of properties a homebuyer views before making an offer has decreased from 12 in 2017 to 9 in 2024, as buyers become more adaptable in their must-have list and recognize promising long-term investments more quickly.
According to industry experts, the percentage of homebuyers who consider "future potential" as a key factor in their must-have list, such as the ability to add a second story or expand the basement, has increased from 37% in 2017 to 52% in
Interestingly, the number of homebuyers who consult with a real estate agent before finalizing their must-have list has risen from 72% in 2017 to 85% in 2024, as they seek professional guidance to strike the right balance between essential needs and long-term value.
A study by a respected real estate research institute found that buyers who remain open to alternative home styles, such as converting a traditional single-family home into a multi-unit property, are 23% more likely to find a suitable home that meets their long-term needs in
Surprisingly, the percentage of first-time homebuyers who get preapproved before house hunting has risen from 77% in 2017 to 85% in 2024, indicating a growing understanding of the importance of financial preparedness and long-term planning in the home-buying process.
Curiously, the number of lenders offering virtual preapproval services, allowing buyers to complete the process entirely online, has more than doubled since 2017, providing greater convenience for homebuyers to plan their budgets and consider long-term value.
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