It is a seller’s market. For this reason, a homeowner that is looking to sell would be wise to get the process complete in the early months of 2018. The market is changing and it is not necessarily going to get better for home sellers. For this reason, if home sellers want to get the most money out of a house, the time to sell is now.
Low Rates
Buyers are still seeing low rates on mortgages. There have been lower rates in the years past but that does not mean people are not enjoying the rates that 2018 has to offer. A typical 30-year fixed-rate loan has decent rates that will allow many buyers to get into the real estate market.
This is great news for home sellers. There are many buyers that are searching the market. They are trying to make a purchase before these rates increase. With this in mind, home sellers can expect more buyers to try to close on a deal quickly in the early months of 2018.
Low Inventory
With buyers flocking to the market to strike a deal, there is an extreme shortage of choices. There are many more buyers looking for a house than there are homeowners looking to sell. Cities are seeing much less opportunity for new houses to be built. A majority of the houses that are for sale are older houses that have been previously owned.
In a market with few houses, a seller will see better offers. Buyers are likely to increase their offers and even waive their rights to inspections to get a chance at a home. A house that is in great condition in a good neighborhood will often be part of a bidding war. This can result in a price spike and eventually, the home sells for more than it is worth.
Towards the end of 2018, it is expected that there will be more inventory for buyers to choose from. The inventory levels are expected to increase and turn the tables for buyers. With more inventory available they can make lower offers and be pickier.
Appreciation
Houses are still appreciating. A buyer that makes a purchase now is likely to see their home increase in value. However, the rate at which homes have been appreciating is slowing down. The last few years had a steady increase in prices of homes but 2018 is seeing a decrease in this percentage. It is likely that this increase will stall out or begin to decrease, making any houses for sale worth less.
Ability To Buy
There are more people who are in a financial position that allows them to buy than ever before. The market is flooded with buyers that have strong down payments, pre-approvals, and excitement to make a purchase. Home sellers should take advantage of this situation and list their home before this excitement dies down.
More people are employed as unemployment is steadily decreasing. Many of the jobs people have found are career jobs. They are providing financial stability to potential homeowners so they have the ability to make a house purchase.
Market to Millennials
Now more than ever, Millennials make up a large portion of home buyers. This generation has secured their position in their job, have savings, and they are tired of throwing their money away at rentals. Much of the buyer population is made up of Millennials. As more of this generation reaches financial security there will be an even higher demand for properties.
Now is the time to be home sellers as the real estate market is in your favor. Home sellers are likely to get a higher price on a house and offers will come in quickly. It is a good time to have a house to sell.
