“It’s definitely still a seller’s market in most of the country. But it’s not the same seller’s market that you saw in the last couple of years,” says Danielle Hale, chief economist of realtor.com®. “You might have to think about how your home compares to the competition that buyers are going to see when they’re shopping. And you might have to price a little bit more competitively, or think about other enticements to attract buyers.”
1. You won’t be the only listing for long.
- That tide is turning this year, Hale says. That’s because the number of homes for sale is finally increasing, albeit slowly. For now, buyers still outnumber inventory.
2. You still stand to make a ‘handsome profit’.
- Now comes a twist: 15% of all home listings saw price cuts in January, according to realtor.com data.
3. There’s high demand for homes under $300K.
- There’s more good news if you own a home below the national median price of $289,300. Not only is that inventory increasing at a slower rate than its luxury counterparts, but there are more buyers shopping at those price points.
4. Mortgage rates are at a new low.
- The temporary dip in rates creates an opportunity for trade-up buyers as well. After all, if you’re selling your home, there’s a good chance you’ll need to buy another one.
5. Millennials are flooding the market.
- Historically speaking, people tend to buy their first home around age 30. And guess what? We’ve got a whole bunch of people turning 30 in the next two years—nearly 5 million, in fact, according to realtor.com data. So you can count on those millennials to be a driving force in the housing market.
For more information about now being the time to sell go to bmre.us/hint18
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