Now that we are settling into the new year, it might be time to start thinking about selling your home. 2017 is shaping up to be an excellent year in moving real estate so if you have been pondering it, stop pondering! There are a number of reasons why 2017 might be the perfect time to put your home on the market and make a sale.
1. Mortgage Rates Are Still Low
Finding a buyer for your home can rely heavily on whether or not financing is easy to come by and rates are low. We have seen a little bit of a rise in rates since mid-October, but they have held down more than expected. At an average of about 4%, mortgages are still very doable for most home buyers. However, by the end of the year we could see rates nearing 5% and therefore making a big impact in the number of buyers and their buying capacity.
2. Inventory is Shrinking
As the market heats up, inventory will be reduced. With reduced inventory the old law of supply and demand will kick into place. By having fewer homes on the market, buyers will have to compete for properties, driving prices up and reducing time on market.
3. Home Prices are Rising
This reason sort of goes hand in hand with number two. As inventory shrinks, prices will rise. This will be caused by competition from buyers and as long as mortgage rates stay low, lending power will stay high allowing buyers to drive prices up.
4. Strong Job Markets
As people feel comfortable in their earning power, they will be more likely to invest in local real estate. With a strengthening job market, more buyers will be entering the real estate market and could feel more comfortable with pushing the top end of their budgets.
If you have thought about selling your home, but have no idea what it could be worth, give the experts at Engel & Völkers Sun Valley a call. Our advisors can guide you through the process and help you understand where our local Sun Valley real estate market stands and how your home falls into that.