Have you been on the fence about whether or not you should sell your home this year? What are you waiting for? 2017 is looking up to be the year of the home seller, real estate experts say, and here’s why:
1. Mortgage Rates are Still Low
It’s all about those rates! Low mortgage rates translate to lower monthly costs. Lower costs entice buyers, which is good for sellers. The rates have been going slightly up since mid-October, to just slightly over 4%.
“We expect them to hold at this (4%) level for a while and continue to adjust up,” says Danielle Hale, managing director of housing research for the National Association of Realtors®. “Mortgage rates rarely move in a straight line. They could be in the 4.6% to 4.8% range by the end of the year.”
This means that potential buyers who have this knowledge might be rush to close on a home before the rates go up again.
2. Bye, Bye Inventory
Inventory is shrinking and we are in a supply-and-demand situation. Low inventory + high demand = higher prices. This is a great position for sellers, as there is less competition and their homes are seen as more valuable.
And on top of that, the time those homes have spent on the market has decreased year after year as well. That means the typical home should move fairly quickly, and that’s just another plus for all the sellers out there.
3. Home Prices are Rising
Again, the supply-and-demand situation has caused the values of homes to increase. Higher prices particularly benefit the seller whose property value plunged during the recession, sometimes to less than they owed. Thanks to rising prices, many homeowners whose property was underwater can now sell without suffering a big loss.
4. Job Markets are on the Up and Up
As unemployment decreases and wages (finally) increase, consumer confidence will climb. Increased confidence will spur buyers to jump into the market—which is, you guessed it—more good news for sellers.
If you are thinking about selling your home, contact us today for a FREE, no obligation market analysis - 508.808.1149 or KimFoemmel@gmail.com