Suburban Real Estate Market Trends to Jump On

Staying up to date on trends in the housing market can be a daunting task. Buying a house is one of life's biggest investments and knowing the local market is a must. With a little research, you may be able to make your dollars go further when you find your dream home. Understanding the current trends in your community will boost your bargaining power.

Here are some important suburban housing trends to stay on top of as we head into the remainder of 2016:

• Home prices are rising and homes and spending less time on the market. For sellers, that's good news. For buyers, it means it's crucial to educate yourself to be a savvy consumer. Buyers need to make competitive offers, and sellers need to price their homes appropriately.

• Mortgage rates and interest rates remain low and steady. This pattern is expected to remain for the coming months according to Freddie Mac economists. Low mortgage interest rates means buyers can continue to get more house for their money.

• Buyers are relying more and more on new real estate mobile apps and online services to do research and prepare for their home searches.

• Millennials buying their first homes will make up the largest portion of homebuyers this year, according to a recent Bloomberg Business study. These first-time home buyers will be looking to get the most out of their purchases. Millennials starting families are also moving to the suburbs, causing an uptick in suburban home sales.

The housing market right now is healthy and sustainable. Contact your local REALTOR® for more information on the current trends in your desired community.