Here are 4 Urgent Reasons Why You Should Sell Your Home in 2017!
If you have been on the fence about selling your home, 2017 is the year to get off the fence and get moving! Real estate experts are saying 2017 is poised to be an even better year for sellers than it has been in the last 2 years. Top market economist are saying “Nothing is bad for the seller”. It’s your time!
Reason #1: Mortgage rates are still low
Low mortgage rates equal lower monthly costs for buyers. Lower monthly costs attract more buyers, which is a good thing for sellers. While mortgage rates have been creeping up since mid-October 2016, the rate on a 30-year fixed rate mortgage is still at a 30-year low. Rates are currently around 3.99% and may continue to hold there for a while but is expected to continue to inch up to about 4.8% by the end of 2017.
What does this mean for you the seller? While you are taking time deciding whether to sell your home or not, buyers are searching and making plans to be in a home before mortgage rates go up.
Reason #2: Inventory continues to shrink
It’s simple economics, Low supply = High Demand, which leads to Higher Prices. When inventory is low, fewer homes are available for sale, those available homes become more valuable as many buyers compete for those same homes. More buyers for your home is a good thing for you.
Low supply results in less days on market. Fewer homes available for sale means that homes go fast! This could be a big deal for sellers! Firstly, which seller wants to spend months worrying about keeping the house clean and ready for showing at any time? This may be okay the first couple of weeks, then it gets tedious and wears on the entire family. Secondly, the sooner your home is under contract, the sooner you can make plans to move on with your life.
Reason #3: Home prices are rising
Lower inventory and greater demand have pushed home prices up. Last November 2016, the median existing-home price was $234,900, a 6.8% increase over November 2015.
This is especially valuable to sellers whose property value took a plunge during the down-turn in the housing market. Thanks to rising prices, many sellers are no longer underwater and can sell without suffering a big loss. Many home owners now have equity in their homes and don’t even know it.
Reason #4: Job markets are strengthening
A decrease in unemployment and increase in wages leaves consumers feeling more confident to make purchases. This is another good thing for sellers. When consumers are confident, they are more likely to make big ticket purchases like a new or bigger home. Increased confidence encourage buyers to jump into the market, particularly first-time home buyers. If you have been thinking of moving-up to a bigger home or downsizing, your home may be the perfect home for that first-time home buyer.
Sellers, keep in mind that that as mortgage rates continue to rise, this also means that your next home will cost you more the longer you wait. Time may be running out for you to take advantage of the low mortgage rates on your next home. 2017 is your year to get moving!