Appended from DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 18, 2017
Are you delaying listing your home until the “traditional selling season” begins? Because sales and prices tend to peak in the spring and summer, it's a common request in many markets.
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 mortgage 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.
So here’s my best tip for - “If you are thinking of selling and buying in 2017, the early bird may get the worm. And the best new nest.”
Wondering what your current home value is, you might be surprised. Run over to the listology tab on ProvidencePlantationLiving.com and enter your address to see now.
As a resident of Providence Plantation I look to provide fresh and relevant n'hood info. -Scott Russo