If you’ve even been quietly considering selling your home, then you need to read this.
That’s because summer 2017 was one of the most favorable seasons in recent years to sell your home quickly and for top dollar.
However, this might not last. Let me explain.
Mortgage rates are still very low. As I write this, the 30-year mortgage rate has dipped down to 3.7%, far from the 4.5% that experts predicted for 2017.
These continuing low mortgage rates translate into more affordable homes and eager buyers who are looking to lock in these low rates while they still last.
Demand is so strong that home sales actually increased over the summer months, despite the fact that the supply of homes on the market is currently at a seven-year low.
As a consequence of strong demand and tight inventory, home prices reached an all-time record high this summer.
So what does this mean for you?
In short, these conditions combine to make it very easy to sell your home right now for a very favorable price.
However, they also point to a correction which might appear soon in the real estate market.
For example, the increase in sales numbers is likely to push up mortgage rates, making it less affordable for buyers to buy. The ongoing Fed rate hikes might contribute to this as well.
Furthermore, the continuing demand and high home prices will eventually spur construction of new homes. The record-high confidence levels reported recently by the National Association of Homebuilders support this.
That means that if you are thinking of selling your home, the time to do so is now.
You can get started by calling us to set up a complimentary market analysis on your home to discover your options. We don’t have a crystal ball however we can tell you there is a huge opportunity in selling your home now.
Please call us with all your real estate questions 727-437-7711