Get Moving! 4 Urgent Reasons You Should Sell Your Home in 2017
If you’ve been sitting on the fence about selling your home, it might just be time to hop off. Now. To put it in other terms: 2017 is the year of the home seller, real estate experts say. So what are you waiting for?
“Sellers have been in the driver’s seat for the last two years, but this year is shaping up to be even better for several reasons.
A combination of factors is coming together to make 2017 a prime seller’s market for most of the nation. Here’s what’s driving it:
Reason No. 1: Mortgage rates are still low
It’s all about rates, baby. Low mortgage rates translate to lower monthly costs. Lower costs entice buyers, which is good for sellers. We expect them to hold at this (4%) level for a while and continue to adjust up. If they go above 5%, we’re going to see home prices come down.
Reason No. 2: Inventory is shrinking
Remember in Econ 101, when you learned that low supply and high demand lead to rising prices? The same is true in residential real estate. When inventory shrinks, available homes become more valuable. Quite simply, sellers this year have the least competition.
And get this: Not only are there fewer homes for sale, but the time those homes have spent on the market has decreased year over year as well. If priced correctly, the typical home should move quickly, And that’s another boon for sellers.
Reason No. 3: Home prices are rising
Lower inventory and greater demand have pushed up home prices. Higher prices particularly benefit the seller whose property value plunged during the recession, sometimes to less than he owed. Thanks to rising prices, many homeowners whose property was underwater can now sell without suffering a big loss.
Reason No. 4: Job markets are strengthening
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.