If you have been thinking about selling your home, then you will want to make your decision quickly. 2017 proves to be a great year to sell according to real estate experts. Even though it has been a seller’s market for a few years, this year is expected to be even better for sellers.
Mortgage rates are still low, which is a great incentive for buyers to get out there and find a new home. This means that there are more buyers than homes in the inventory and offers come fast and at asking price or even above. Current inventory is about 10% lower than it was just a few years ago. The rates have increased slightly over the last six months but the 30 year fixed rate is still very near a 30 year low. With current rates around 4%, it is expected to slowly increase to about 4.6% to 4.8% by the end of this year. Buyers know this and want to take advantage of the lowest rate they will see in the coming years.
The great interest rates combined with the lower inventory and high demand are causing housing prices to steadily increase. Buyers have seen prices increase on average about 6.8% over the past year and they want to buy before they go any higher. They know that prices and rates will be increasing and they need to act quickly to get a great deal on a home. This is just more good news for sellers who are ready to sell now.
The final piece of the puzzle for 2017 is the more promising job market. Buyers have more income and a more secure job outlook so they are ready to buy a home. Financing is becoming easier to get and consumers know that real estate is a great investment. All aspects of the real estate, finance and employment world are driving home sales this year.
Contact a real estate professional to assist you in getting your home one the market this year to take advantage of the seller’s market. Great rates and low inventory won’t last forever and then prices will begin to drop. With interest rates predicted as high as 6% in the coming 2 to 3 years, you won’t have an opportunity like you have this year for quite a while.