If you've been questioning selling your home, it might just be time to commit. We've been talking about it a lot...and so has everyone else. You may have read our previous blogs about Millennials looking to buy in 2017, sellers hoping to sell in 2017, and a lot of talk about the market. Now we're here to tell you, it's time to stop waiting.
1. Low mortgage rates.Historically, mortgage rates have been much higher than what we're currently seeing. Yes, the election did have an effect and, yes, they have risen since the end of 2016, but in comparison to rates upwards of 10 percent in the 80s and 90s, they're now considerably low. While it is expected that they'll hold right around 4 percent, there is also the chance that they could raise by the end of the year, motivating buyers to act now.
2. Less inventory.It is the basic rule of supply and demand. The greater the supply, the lower the cost, the greater the demand, the higher the cost. Everyone wants to sell in a seller's market. This is when you hear of bidding wars and sales over asking price. While this is not always the case, buyers are more motivated to move quickly when they find a house they like. Having less inventory to choose from makes available inventory much more valuable.
3. Rising home prices.According to CoreLogic, the median home price in Orange County in 2016 was $657,500, up $29,000 or 4.6 percent from 2015. Home prices have finally recovered from the recession and they are still on the up, making it a very desirable year to sell.
4. Stronger job markets. We're seeing unemployment decrease, wages increase and, overall, a positive trend in the job market. With more stability and financial strength, buyers are primed to invest in real estate. As we discussed in our previous blog, 3 Tips to Help Millennials Become Homeowners, 2017 is looking to be the year to buy for many first time homeowners. Take advantage of the market while it's hot and, if you're sitting on the fence, now's the time to jump off!
Author:Kurt Galitski Phone: 714-957-6677 Dated: February 2nd 2017 Views: 202 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.