No matter how stable property proves to be as a market commodity, it always experiences a degree of flux. With plenty of current political changes taking their toll on the global economy, trends are emerging that promise to have an effect on our housing market predictions for 2018. Here, we take a look at the year ahead in the world of property so we can best advise buyers and sellers how to react to the upcoming fluctuations.
Future investment: housing market predictions for 2018
Housing is in relatively short supply right now. With rising populations across the globe, governments and private enterprises are finding it hard to match these increases with new construction plans. In isolation, this should be driving prices up at an alarming rate, but there are plenty more factors at play. While supply may be short, the number of home sales continues to soar.
What's behind the change?
If so few new properties are being built, why should the number of property sales be rising? The answer is relatively simple: confidence is growing. With economies in the western world considerably stronger than in previous years, first-time buyers are keen to get on the property ladder.
How should buyers react?
The short answer is that buyers won't need to alter their plans. If you're already on the property ladder, a fluctuation in property price won't mean a great deal to you, at least if you're buying locally. If anything, property owners can feel more secure in putting their homes on the market due to the steady demand. With housing market predictions for 2018 forecasting a high number of sales, owners will have no problem attracting buyers.
How can I take advantage of the market?
Whether you're buying property as an investment or looking for a new primary residence, there are many steps you can take to get ahead in the property market. With housing market predictions for 2018 showing ample healthy competition, negotiating a good deal has become more important than ever.
The secret to strong negotiation is simple: pick the right agent. Using an experienced, renowned real estate agent will give you leverage whether you're buying or selling a property. Savings of even a few per cent can make the difference, allowing you to move with ease up the property ladder.
Having an awareness of the health and status of the market in your area is always key to achieving a good deal on a property. Start browsing Engel & Völkers properties in your area of interest to get a feel for the competition and therefore to form your own idea of how the local market you're hoping to enter is performing.