Our market conditions are ripe for those looking to move into a new home. You can sell quickly and profitably, and buy while interest rates are low.
If you’ve been thinking about selling your home, three recent developments make this an ideal time to do so.
1. Mortgage rates have stabilized. They were at 3.4% last July, then shot up to 4.3% right after the election in November. Since then, the rates have stabilized and are still very low (historically speaking).
2. Job numbers are up. The U.S. Bureau of Labor Statistics reported that 225,000 new jobs were created in February. Over the past 12 months, we’ve seen 2.3 million jobs created. Business is doing well, consumer confidence is high, and it all bodes well for the future of the housing market.
3. Housing inventory is extremely low. February saw an almost 18% drop in the number of homes for sale. Since October 2008, we have consistently seen a steady decline in inventory. In fact, we’ve had 100 consecutive months of decreased inventory.
What does all this mean for you? Well if you’re thinking about selling, right now is the perfect time. You can sell very quickly in this market. Last year, homes were taking an average of 43 days to sell. While that’s still a great number, homes are selling in an average of just 30 days right now. With such low inventory, you can expect to get a great price for your home sale.
It’s also a good time to buy with interest rates staying low and steady. This market is a win-win situation if you’re looking to make a move. If you or somebody you know is interested in buying or selling soon and taking advantage of this market, give us a call or send us an email. We look forward to hearing from you.