If you’re looking to sell real estate in USA, you will no doubt be excited by the fact that the US economy is pretty much back on track after a prolonged recessionary period. The recovery, which began 3-4 years ago, is today complete. The US Dollar is today the world’s strongest currency, job growth is back and with oil prices tumbling, America is no longer as dependant on Middle Eastern oil as it once used to be.
So if you have homes to sell in the USA, what does this mean for you? It means you’re in luck and will be able to sell your apartment in USA for a very good price indeed. Let’s look at the 3 major real estate trends to watch out for in the USA, which will become clearer over the next few months, this 2015.
Real estate in USA is more attractive than ever before…
Interestingly, Hong Kong, Dubai and Moscow are no longer as safe as they used to be. The smart money is moving to the USA, and perhaps to the UK and Australia. This year, more than a dozen super-luxury apartments in Manhattan have fetched over $100 million each, which is incredible, and just goes to show that the good days are back again.
And it’s not just New York or Los Angeles, many smaller cities such as Pittsburgh, Cleveland, Milwaukee offers a great opportunity for real estate investment, at much lower cost. The most impressive real estate growth has been with newly minted technology hubs such as Austin, Texas and Boulder, Colorado, that are doing spectacularly well this year.
The only region in the USA that hasn’t done all that well is inner California, which is because of a prolonged 5 year drought, rather than for any other economic reason.
It’s a buyer’s market…
Although real estate in USA is really picking up, it’s not a seller’s market as yet, and still remains pretty much one where buyers dominate. This is because of the large inventory of new homes and apartments for sale coming into the market. It’s actually very easy to get a home in the United States.
So, while the sales prices have been increasing, they have been increasing gradually. For instance, the median sales prices for single family homes last year was $217,300, up 4.9% from 2013, when it was $197,400, as per the National Association of Realtors. This means you can look forward to a steady and gradual increase in the prices of your houses to sell in USA.
But there is no question that prices are going only in one direction, and that is up, given the foreign interest in USA, low interest rates, a booming stock market and stable economy. It’s been a long time since people were this confidence in the USA.
Millennials will find it hard to buy homes…
What is quite clear is that the Millennials, or the younger generation that is in its twenties, are struggling to buy property in the USA and have been largely ignored by the market. The big problem with the younger generation is that most have shaky credit histories and struggle to hold well paying jobs. Many are burdened with huge debt in the form of student loans. So, in spite of the government making it possible to buy home loans with lower down payments, younger generation hasn’t taken advantage of the opportunity as much as others in the country.
So, these are the 3 major real estate trends that have emerged in the USA this year. If you have properties to sell in the USA, it is generally good news for you. Just make sure to hire the best UK estate agents to do the marketing for you, so that you can sell your home in USA at a high price.