Is 2017 A Good Time To Sell Your Property?
There are a number of reasons you should sell your property in 2017. Timing is everything when it comes to selling real estate and there are numerous advantages sellers will gain from liquidating their properties this year.
A lower supply of homes means that demand for them will be higher which means sellers can maximize their profits when selling. Before the recent housing market bubble and subsequent crash, there were roughly 4 million properties listed for sale in the U.S. By the end of 2016, this number dropped to 1.85 million, with the overall housing marking falling by over 50 percent since 2007.
Research also shows that the amount of time that a home is listed for sale before being purchased has dropped substantially over the last few years. This means that buyers are acquiring them at a faster rate. In the past sellers were concerned about their homes being listed on the market for many months before they would move, while today this is no longer the case. The average price for a home in the United States has also increased from $220,000 to $234,000 in little more than a year.
The Economy Is Becoming Stronger
Another factor which has made this a favorable market for home sellers is reduced unemployment and higher wages. This has resulted in greater consumer confidence which will inspire a larger number of buyers to enter the market.
The Impact Of Recent Politics
Democrats controlled the White House for 8 years and the 2016 election showed Americans were ready for a switch. Donald Trump emphasized the economy heavily during his presidential campaign and while no one is certain how things will turn out, research shows that many people are concerned about some of the reforms that have been presented by Republicans that will mandate that potential buyers pay larger down payments, which has prompted many to sell their properties.
Rent Is Becoming Increasingly Expensive
Gross rental prices in the United States averaged $1021 per month in 2015, and have continued to rise steadily. This has prompted many people to buy a home as oppose to continuing to shell out over $12,000 year for rent, granted they can cover the down payment and closing costs. One trend that is expected for 2017 is decreased demand for rent which has people placing their savings in homes instead. This is good news for those who wish to sell.
Mortgage Rates Are Low
Mortgage rates are important to buyers because the lower they are, the lower their monthly payment will be. Rates right now are quite reasonable which has prompted many people to buy a home sooner than they planned. Experts expect current rates to stay at about 4 percent for a longer time before increasing, and even then mortgage rates rarely increase in a straight line. This will place great demand on properties this year and will fuel purchases until the end of the year.