Waiting Until Spring?
Are you delaying listing your home until the season begins? Many believe sales and prices tend to peak in the spring and summer. However, this year is different. Jonathan Smoke, realtor.com®’s chief economist, stresses in his latest column that the conventional wisdom isn’t correct this winter.
Here’s why: At the beginning of 2017, inventory levels plunged to multiyear lows. Sellers are currently facing very little competition, he says. Mixed with that, buyer demand is “abnormally strong for the off-season,” Smoke writes. “The climb in interest rates that started in October and accelerated in November and December has created a sense of urgency among buyers.”
With interest rates largely forecasted to move higher this year, buyers are more in a rush to lock in a low rate sooner. Plus, your sellers may have to worry about lending rates as well; Smoke estimates that 85 percent of sellers are planning to buy another home after they sell. Here’s the best tip, Smoke says: “If you are thinking of selling and buying in 2017, the early bird may get the worm. And the best new nest.”
Source: National Association of Realtors®