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The Perfect Storm for Home Sellers Is on the Horizon
Manage episode 183627136 series 1320111
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This summer is shaping up to be the perfect storm for home sellers in our market. However, you need to act fast.
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If you’ve been considering selling your home, now is the time to do it. This summer is shaping up to be one of the most favorable seasons in recent years to sell your home quickly and for top dollar.
However, this moment won’t last forever.
Mortgage rates are still very low. Right now, the 30-year mortgage rate has dipped to 3.9%, which is far from the 4.5% experts predicted for 2017. These continuing low mortgage rates translate into more affordable homes and eager buyers looking to lock in these low rates while they last.
We’ve seen this eagerness in action lately. Demand is so strong that home sales actually increased in both April and May, despite the fact that the supply of homes on the market is currently at a seven-year low. As a result of strong demand and tight inventory, home prices reached a record high this May, rising 6% compared to May 2016. It was the 63rd straight month of year-over-year gains.
What does this mean for you?
These conditions make it very easy for you to sell your home right away for a very favorable price, but they also point to a correction which might appear soon in our 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 Federal Reserve rate hike might contribute to this as well.
If you’re thinking of selling your home, the time to do so is now.
Furthermore, the continuing demand and high home prices will eventually spur construction of new homes. The record-high confidence levels reported recently the National Association of Homebuilders support this. All this new construction will certainly impact the growth of home prices, and might even drive them down.
So, again, if you’re thinking of selling your home, the time to do so is now.
If you have any questions about our current market or need help getting started on selling your home quickly and for top dollar, don’t hesitate to give me a call at 408-857-8511 or send me an email at Nakul@NakulKapoor.com. I’d be happy to help.
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