As 2017 comes to a close, we start to think about what the upcoming year will hold. Overall, 2017 was a Good Year for most. The Real Estate Market was on a steady uphill climb throughout the year and saw no major setbacks or issues. 2017 proved to be a seller's-market. There were lots of people looking to buy houses this year and not much inventory, which meant that sellers had the opportunity to ask and receive more for their properties. According to Realtor.com, "the average listing length for properties was 75 days - a full week quicker than in 2016." This means quicker and more profits for those who were looking to sell in 2017.

If you want to view upcoming trends for the new year - click here.

How the market will fair

In 2017, we saw the real estate market increase in value. As of this moment, there are no indicators that the market won't continue that trajectory come 2018. Since the 2008 - 2009 crash, many have been wary of the market and if something such as that would be happening again anytime in the near future. Now, the market has recovered fully, however, it is fairing much better than it was and if it continues on its current path, things are going to be looking pretty good for most.

Starting in 2017, the market has not been better for buyers and sellers to execute real estate transactions. Obviously, one of the two always fair better in certain markets and at certain times than the other.

This year it has been sellers who had the slight upper-hand. This year would be classified as what is known as a "seller's market." this means that there are more buyers then properties to be bought. Just like the rest of the economy, everything is determined by supply-and-demand. In this particular instance, with supply being less than the amount of demand, this allowed sellers to charge slightly more and to sell slightly quicker.

Most transactions turned out to be multiple-offer scenarios. This simply means that a sellers receives multiple offers at one time on one property. This can sometimes create a highest-bid setting.

2018 Real estate market

According to Gordcollins.com, 2018 is most likely going to be another good year for sellers.

There should be a slight increase in the number of qualified buyers, and even though there may be some newer houses built and on the market, it won't match the vast number of buyers. This is good because, again, sellers will be able to sell their houses more quickly, thus be able to purchase their new house more quickly as well. The real estate "circle of life."

The market should also stay on its path and continue growing. This is Good News for everybody - from buyers to sellers to investors and so on. A good real estate market sets the ground for a good overall economy.

What this means for buyers and sellers

With 2018 shaping up to be a seller's market again, this means a few things for a few different people.

First, for sellers, this means good news. You should be able to sell your property much quicker and for slightly more. This is something good to account for when starting the process of planning the sale and purchase of homes.

Buyers can also benefit from this knowledge. Even though sellers will have a slight advantage, buyers can still use this info to be better prepared. Since we know that its shaping to be a seller's market, buyers can take these few tips:

  • Understand that inventory is lower than the number of buyers
  • Houses will be selling quicker so if you find a house that you really like - move quick
  • Be prepared to start off with your best offer. If you find yourself in a multiple-offer scenario, this will help give you the best chance possible to win the bid on the house.

If thought through and planned properly, this year can be a beneficial for all - regardless of your position in the market. Now that we know the real estate market will have another positive upswing, all that's left is to go out and have fun with it.

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