When it comes to real estate, the market is always evolving. From hot to cold markets and favoring sellers over buyers, you never know what you’re going to get when you decide you want to sell or purchase. 2019, has been no exception.

For the past 6-years, we’ve seen the real estate market continue to grow, yet today, housing prices are steadily declining and the need for larger estates and mansions is no longer viable.

As the millennials continue to take over the market, fewer homes are being purchased because millennials are prioritizing other debts before making a huge leap into owning a home – such as paying off hefty student loans.

Even with less real estate purchasing, many US cities are still hiking up their rental and housing prices. Las Vegas, for instance, has the highest increase of 12%+ followed by Phoenix and Seattle.

According to the U.S. Census Bureau, the average home price in the U.S. is now $362,400 and the median sales price fell to $302,400 during the same period (November 2017-November 2018).

So, what does this mean for homebuyers who are new to the market or simply looking to move and start a new chapter of their lives?

For buyers, this is a positive change because houses are getting cheaper than they’ve been in years. For home sellers, this is a negative thing because they may not get the asking price they wanted.

Before putting your home up for sale, make sure you realize how the market is working in your area, so you don’t have surprises or unrealistic expectations when it comes time to receive an offer.

And for buyers, be prepared to come with your best offer upfront. Just because the market is working in your favor does not mean that you should low-ball or offend the seller – especially if you’ve fallen in love with their home.

Joyce Laroche