If you’ve been thinking of selling your home, now may be the time to finally pull the trigger. With the market being filled with eager home buyers and supply being limited, the ball is in your court. Here are three reasons why selling your home in 2018 could be a great idea.
It’s a Sellers’ Market
With inventory being low in most major markets over the past few years buyers are lining up to find the home of their dreams. This means that you have the flexibility to list your home on the high end. Lower inventory also means higher demand for the customer so there is likely to be less down time between potential buyers stopping into check out your home.
For Now… Interest Rates are Low…
Interest rates can make or break a transaction and they affect both the buyer and YOU (in the purchase of your next house!). In the second week of January 2018, the average interest rate for a 30-year fixed-rate mortgage was 4.17 percent, according to NerdWallet.1 While mortgage rates are not expected to rise significantly this year, they are forecasted to increase. The Mortgage Bankers Association predicts 30-year fixed-rate mortgages will rise to 4.6 percent in 2018, and it expects rates to rise to 5 percent in 2019 and 5.3 percent in 2020.1
Renovations Today Won’t Come Back in Full Next Year
If you’ve got remodeling in your budget for the year, be sure it’s an update you are making for enjoyment and not solely for a return on investment, because it’s unlikely that renovations will have a 100 percent return when it comes time to sell. The chances of your remodeling being exactly what your potential buyer wants are slim. Although an updated kitchen will add value to your home it is crucial that you keep your curb appeal a top priority, as this is your home’s first impression on a potential buyer.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.