The following is a guest post.
There are many factors to consider when selling a house. Many homeowners are still worrisome from the 2008 financial crisis that saw the values of properties drop significantly. It is vital to keep an eye out for any red flags that a similar real estate market crash is imminent. However, if you want to get ahead of any turmoil, then now is a relatively good time to sell. A real estate professional can assuage any fears you have, but 2018 is looking to be a great year for homeowners.
Home Prices Continue To Rise at the Moment
Price have had upward movement over the last several years. Although the exact rate will depend on where in the country you live, housing prices in the United States are projected to grow roughly three percent in 2018. The one downside to this trend is that housing prices are outpacing family incomes, so there are a lot of people who are delaying making a home purchase. However, there are still plenty of options for sellers out there, and you can find a great buyer at this time.
Millennials Want To Buy
Although renting is at an all-time high, there is still a good number of millennials who are looking to purchase their first houses. Millennials are now getting into their 30s, which is generally the time people start to form families, have children and want to buy a house. This generation is about to make up the largest percentage of new mortgages, so it is a great time for sellers.
Consumer Confidence Is Strong
Even though the financial crisis occurred roughly a decade ago, consumer confidence appears to be on the rise. That means more people are feeling confident to start purchasing homes once again. Additionally, the unemployment rate has decreased significantly, and more jobs are being added to the workforce each month. There are plenty of people out there who feel like they can actually own a home.
There Is High Demand and Tight Inventory
At this time, there are not a lot of properties going on the market, at least compared to years’ past. As a result, there are more bidding wars taking place for highly desirable properties. There is projected to be more inventory toward the end of the year, so putting a home on the market now means there is a good likelihood to have multiple offers. There has also been an increase in buyers who want to invest in the property as well as companies that make an offer along the lines of, “We buy any house.”
Mortgage Interest Rates Are at an All-Time Low
One reason why more people are looking into buying houses is due to the fact mortgage rates are a fairly good deal right now. Several years ago, the interest rate for conventional fixed-rate mortgages stood at 3.5 percent. Now it tends to be around four percent. Some professionals expect the rate to increase upwards of five percent by next year, so now is a good time to buy. That means it is a good time to put a property on the market rather than waiting.
All of these factors point to one common theme. There are more buyers in the marketplace looking for a great house to turn into a home. That is great news for property owners who want to get a great deal for their property. Throughout the country, many markets have bounced back from the financial crisis, and although another situation could occur, it does not seem like one will happen any time soon. Now is a great time to sell, and you can consult with a professional to learn the true value of your home.