What Are The Top Reasons To Sell A House in 2017?
In 2016, home sellers were in an encouraging market, where sales were up by 3.3 percent, higher than 2015. The National Association of Realtors predicts better growth in 2017, and this may just be one of only a few of the top reasons to sell a house in 2017 in Charleston, SC. The forecasted growth in home sales in 2017 is 2 percent, with the median price expected to increase by 4 percent. There are numerous reasons buyers are attracted to South Carolina, with the most notable being the fact that taxes here are low for owner-occupied homes. In fact, recent data shows that Charleston real estate will boom as of the start of the second quarter in 2017. The same issues that dogged the housing market in 2015-2016 are most likely coming into play in 2017 including low inventory, tight credit access, and low affordability. Other questions you may be asking yourself concerning selling might include How Much Should I Sell My Home For or When Is The Best Time To Sell My House?
With mortgage rates being low, monthly costs should also be low, and this is very interesting for buyers. Since mid-2016, the mortgage rates have been consistent at 4 percent, and this is expected to move slightly higher in 2017. As the year progresses, the rates could go a little higher to about 4.8 percent. Any potential home buyer armed with the knowledge is right now hustling to secure a house before the rates are hiked.
However, if you are not ready to get your house in the market immediately, there is no cause to worry as rates are expected to remain low enough to attract potential buyers. Experts see a 5 percent hike as the point of decline, meaning that 2017 will continue to be dominated by sellers. In fact, right now there are more buyers than sellers, making it a sellers’ market. The market is on a high-demand and low-supply trend, meaning as a seller you should expect high foot traffic if you price your home correctly, which a knowledgeable realtor will know how to do.
Starter Homes in Demand
2017 has also seen an increased housing demand from millennials who have been in the past reluctant about dipping their hands into the waters of real estate. Most of the fear has been based on job security and debt, among other factors. However, this demographic is now ready to own a home and making moves accordingly. Pricier homes are selling at a slower rate, while starter homes are facing high demand.
The concept of supply and demand in real estate means; the lower the number of homes available for purchase, the higher the value. Once the inventory tightens, the prices of homes on sale tend to rise. Before the housing crash for instance in 2007, the inventory peaked at 4 million homes for sale. By November 2016, the inventory had fallen to 1.85 million which is 54 percent lower. Due to a combination of the right pricing and high demand, homes on sale are not spending much time on the market.
High Buyer Demand
Buyer demand is back in a big way, as buyers realize it is a historic season to invest in real estate. In 2017, the interest rates are at historic lows, making buyers believe that purchasing a home is more reasonable than renting, especially now that rental prices are appreciating. A combination of improved job markets, confidence in the economy, rental appreciation, and decent interest rates have all contributed to strong buyer demand. This is a great reason to list your home in 2017 if you have any inkling to do so accordingly
2017 is the time to sell your Charleston home without holding back, given that mortgage rates may change in the future. For you to sell fast for the best money, be sure to hire a knowledgeable and experienced real estate agent!
Come find out the difference a great Charleston realtor makes and let’s find out how much your home is worth today!