The days of the housing crash are well behind us and the market has furiously bounced back. Buyers have restored their confidence in the housing market and are clamoring to find their dream home.
With this in mind, it’s a great time to be a seller. If you are planning to sell your home this year for a high value here are a few reasons why you might want to be on the market sooner than later.
Rates are low
Compared to historic standards, today’s 30-year mortgage rates, which are sitting at just above four percent are still relatively low. Experts also agree that mortgage credit will remain affordable for most of the year. This means the market is looking good for buyers and sellers.
Demand is High
The new year is shaping out to be a seller’s market, particularly because inventory in red-hot markets is scarce. Additionally, experts are predicting that the housing market will maintain a high demand for at least half the year. Buyers choices in hot market areas are limited so sellers can relax and wait for the right offer.
Prices are still increasing
Home prices are moderately rising but still rising which means more in a sellers pocket. As a seller, you might still be well off selling later in the year but the sooner you can list the better off you’ll be when factoring in rates.
Confidence is up
The new year is bringing with it a low unemployment rate, a surge in the stock market and an optimistic view of the future which translates to a higher buyer turnout in 2018. All of these factors combined means more competition and more money in a sellers pocket.
Millennials are entering the market
From all the rumors of millennials not looking to buy, 2018 is predicted to be the year these first-time home buyers take the plunge towards homeownership. In fact, millennials are expected to account for 43% of home buyers taking out a mortgage this year. As millennials start settling into their 30’s expect a vast shift of renters convert to buyers.