2017 is here and many people have lots of projections for the real estate market in the new year. With a new president and things shifting, some are fearful while others are hopeful. I personally am still seeing a busy market even with inventory slipping slightly in Greater Hartford. If you are on the fence about selling, I would advise taking a look at the current market and seeing what homes like yours are selling for. Please read the 5 Reasons you Need To Sell in 2017.
When inventory is lacking, its usually a good time to sell. Your home may cause buyers to pounce if you’re in a active price range or desirable neighborhood. If you’re priced and the home is market ready, it will really stand out in a area with lacking inventory.
There are usually many reasons at the beginning of the year the urgency is high. A lease is ending, companies usually reassign in January, or there may be another living situation that has changed with the new calendar year start. Usually a buyer that is out looking in the colder months has a higher level or urgency, and need to move.
EARLY MOVEMENT FOR LOWER PRICE POINTS
Being that the lower price points is what I focus on, I can attest to this fully. Most first time buyers use tax returns to purchase a home, and those usually come before the spring market is in full swing. Listing a home at the start of the year or before April can be very beneficial in capturing that group of buyers.
With a new president elect, we cant really say what is going to happen. Rates have started to creep up, and we dont know whats coming as far as legislation for Real Estate. Many people worry that some of the reforms laid out in the Republican platform could potentially force buyers to fork over larger down payments,” says Peter Vekselman, a Southeast real estate investor. “This could be a problem for many home sellers as the pool of eligible homebuyers begins to shrink.” Of course, speculation is just that. But if you believe this to be true, “It makes sense to sell a home now,” says Vekselman.
INTEREST RATES ARE RISING
Since we’ve decided whom our next president will be, the rates have risen. With that happening, buyers and buyer agents have really been displaying urgency in getting a home locked up and in contract. This is good for sellers, because this will result in lower market times for well priced homes. Now is the time to sell, because the higher rates go, the less strong and qualified buyers we will have.
I hope this helped you as a homeowner to determine if now is the time to visit the possibility of selling your home. As always, I’m available if you’d like to discuss the idea.