It has been said many times that the best time to sell a house is during the prime season which has typically been spring through summer. However, as we continue through the new year, the "prime selling season" might not be worth the wait.
If you are planning on selling your home this year and want to take advantage of a quick sale and for top dollar; here are 5 reasons why you might want to get that for sale sign in your yard sooner than later.
1. Interest rates remain at historical lows, an appeal for home buyers
Experts agree interest rates will remain relatively low for most of the year, as they are currently hovering just above 4%. Good news for buyers and, subsequently, for sellers looking to unload their homes. Rates though have been on the rise, and it's been widely predicted that they'll reach 5% before year's end. For buyers, the longer they wait, the more expensive it will be.
If you're buying after you sell, you'll also benefit from lower interest rates if move quickly.
2. Inventory levels remain low, causing greater demand
In most Metro Denver markets, like many places across the country there are more buyers than available homes. And the housing shortage will likely get worse before it gets better. For sellers, that means this is your opportunity for a greater chance at a sale. Buyers are going to great lengths to get into a home. Cash investors are in the mix, too, accounting for 22% of all home sales transactions in November 2017 (up from 20% in October), according to the National Association of Realtors®.
Inventory levels are predicted to begin rising in the fourth quarter, marking the first inventory gain since 2015 and setting the stage for more dramatic housing gains to come. So if you're thinking of selling, start preparing now in order to walk away with top dollar.
3. Home prices are still increasing
From coast to coast, home prices continue to rise; which translates to more money in your pocket when you sell. However, gains are predicted to be more moderate than in years past. Realtor.com data suggest a 3.2% increase year over year, after finishing 2017 with a 5.5% year-over-year increase.
Bottom line: The earlier you can list, the better off you'll be.
4. People have more money in their pocket
Record levels of consumer confidence, low unemployment, and stock market surges are setting the stage for high home buyer turnout in 2018. For the first time since the 1960s, the Fed has projected that the unemployment rate will drop below 4%, and the domestic stock market is enjoying a nearly unprecedented rally. More buyers could be on the hunt, with more money in their pockets to shell out on a home for sale, possibly yours!
5. Millennials are ready to commit
Millennials, often crippled by student debt, have been especially hampered by rising interest rates and high home prices. Conditions are ripe in 2018 for these first-time buyers to take the plunge, and experts predict that millennials will make up a vital part of the buyer pool over the coming year: Millennials could account for 43% of home buyers taking out a mortgage in 2018 (a 3% year-over-year increase), according to realtor.com data.
More home buyers flooding the market can only mean good things for sellers, at all price points.
When you are ready to sell your home, give me a call and I would be happy to guide you through the process.