Have you been on the fence about selling your home? Here are a couple reasons why you should sell!
“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,” says Jonathan Smoke, chief economist of realtor.com®. “Nothing is bad for sellers today.”
Low Mortgage rates: A low mortgage rate means a lower monthly cost. Lower costs attract buyers which is good news for sellers. Mortgage rates have been slowly increasing but rates are still around 4% which means that potential buyers who are aware of this might hustle to close on a home before a rate hike. Even if rates go up a the end of 2017 rates are still expected to be low enough to attract potential buyers.
Inventory is decreasing: When inventory shrinks available homes become more valuable! Not only is there less competition with fewer homes for sale, but the time those homes have spent on the market has also been decreasing over the years. If priced correctly, the typical home should sell quickly which is also another bonus for sellers.
Stronger buyer demand: Buyers are realizing that now is the time to buy real estate. Like mentioned above, interest rates are at an all time low which is creating a persuasive argument that buying a home is a better option than renting. With a strong buyer demand in todays market now is the time to sell!
Rising home prices: Due to lower inventory and greater demand the cost of homes are increasing. The median existing-home price in November 2016 was $234,900, up 6.8% from November 2015, when it was $220,000, according to the NAR. Higher prices benefit the seller and many homeowners can now sell their homes without suffer a big loss.
Job market strengthening: Lately, unemployment has been decreasing and wages are finally increasing. This has lead to an increase in consumer confidence. This growing confidence is inspiring more buyers to get into the housing market which, you guessed it is more good news for sellers! As the consumer confidence grows, it leads to the purchasing of bigger items such as homes.
Interested in selling?
Contact Ashley Wilson Realty Group today!
(919) 378-1974 or email us at info@wilsonrealtygroupnc.com