Identify your vision
As you move forward into 2018, start envisioning what success in real estate means to you. Are you planning to sell your existing family home and buy a new property? Perhaps your goal is to find a worthwhile commercial investment project. Whatever it is, think about what the ideal outcome looks like for you personally, from financial gain to long-term security. Envisioning your success helps you work on a concrete, step-by-step plan.
Understand your market
The next step is to take your goals and start researching the market. For sellers, this means scoping out the competition and viewing sales data for comparable properties on your street. Identify whether or not you will need to undertake renovations before putting your home on the market and what a realistic selling price will look like.
More homes are anticipated to be sold in 2018 than any other year in the past decade; in the US, the National Association of Realtors predict the number of house sales of existing homes will increase by as much as 2.8%. Buyers interested in purchasing brand new homes will find a similarly booming market, with a rise of 8% in new home sales in 2018. To jump into this white hot seller’s market as a buyer, you must be prepared to come in straight away with a strong offer and expect a bidding war in major cities.
Identify smart investment opportunities
If you’re wondering how to invest in property this year you might want to take a look at purchasing multi-family units or apartment buildings. In 2018, experts predict that we’ll see fewer retail and office property sales in favour of multi-family unit sales. The growth of online shopping and telecommuting has minimised the need for commercial office or retail space, while millennials eschewing home ownership drive the demand for multi-family properties.
Build your network
With your goals and research in mind, you can start building relationships early in the year that will help you achieve success in real estate. Team up with professional agents and consultants who have in-depth knowledge of the current markets and can best advise you in how to invest in property or get your home in order for selling. This will take all the stress and guesswork out of your real estate transactions this year.
Whether success in real estate means making a wise commercial investment or buying your dream home in a trendy market, you’ll be able to make 2018 a banner year by taking the time to formulate a strong strategy.