Why It's A Sensational Market For Sellers
Moving home can be costly, which is not a word many of us like to here. However if you do need to sell your house because of a growing family or a change in job for example then you’re in luck because 2017 is the year to do it.
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Here are four very good reasons 2017 is going to be sensational for sellers.
- Increase in buyers
There has been a boom in first time buyers hitting the real estate market thanks to better mortgage deals, lower interest rates and a move away from rental properties for long-term financial planning. This boom has not matched the housing stock available, particularly smaller properties that will catch the eye of the first time buyer on a budget. If you have a smaller property of around two bedrooms you could find it snapped up the moment it gets on the market, particularly if you live in a up and coming neighborhood where investment properties are all the rage. If you need to sell then now is the time to get moving so that you can beat other sellers off the mark.
- Change in Government
A change in Washington has been good news for sellers as the new leadership seems to favor homeownership and real estate investment over the rental market. This has spilled over into the way banks and other lenders are offering money, which means more first time buyers are qualifying. It also means it has become cheaper to get a mortgage which again has attracted investors to increase their real estate portfolio.
- Interest rates threaten to rise
At the moment buyers and sellers are both enjoying lower interest rates which means that mortgage deals are at their all time high and repayments at their lowest. This flat interest rate however can’t last forever, which is not only encouraging buyers to part with their cash now but is also spurring sellers to get rid of any property that might be a chain around their neck once interest rates begin to rise. This rush to beat the interest rate hike has created the perfect market for selling your home fast.
- Construction slow to respond
Although a change in leadership has signalled a growth for industries such as construction as yet there has been little response. Home building projects are still taking time to get off the ground which means buyers are relying on existing housing stock to fulfill their needs. This is great for sellers as they have less of a market to compete in and therefore more chance to get the right price every time.
- House price growth
This seems counterintuitive but just before a house price increase is the perfect time to put your house on the market if you want a quick sale. Buyers know that house prices are about to rise and therefore will be motivated to buy quickly. They will also see your asking price as a lot more reasonable and fair knowing that it might shoot up in the next few months as the value of properties increase. There will also be sellers holding out for the price increase before putting their property on the market so if you get in first you will have the pick of the buyers.