Let’s face it: home demand this summer is getting hot, hot, hot. With a lack of residential inventory and a surge in buyer activity this coming season, the average home price is spiking – making now an excellent time to sell. But besides the obvious, what’s driving this trend? We break down 4 reasons why selling your home this summer is a simply sensational prospect.
1. Low Inventory
Consumers have spoken, and the answer is this: they want to BUY NOW. 2017 is seeing its Demand Index soar in 2017. We’re seeing the highest demand since at least 2013… and we’re set to break even more records this summer. The end result is that talented Real Estate agents, like the team at Prestige Realty, can not only get top dollar for your property, but also close deals that are much more favorable to the seller.
2. Low Mortage Rates = Hungry Buyers
What’s driving the housing market into even more of a frenzy this summer? Low mortgage rates compared to the last few years. In fact, despite a limited inventory, more borrowers are obtaining mortgages than ever – up 6.7% compared to last year. With more buyers entering the market competing to purchase your property, you can see why the time is ripe to list.
3. Prices Are Up, Up, Up
So far, the median price of a home sold this year, as opposed to 2016, is up 7.5% and projected to climb even higher. If you’ve been on the fence about selling your property, this summer makes for an ideal time to jump in with both feet forward.
4. It’s A Great Time To Buy A Bigger Home
If it’s a great time to sell, how could this possibly be a good time to buy? The truth is that according to CoreLogic, home prices are set to increase by an additional 4.9% this year alone, with some projections stating that typical “forever home”-type properties, compared with “starter homes”, will appreciate in value even more. This summer provides a perfect mix of value for sellers and buyers alike.
Don’t let this incredible summer of selling pass you by! Talk to the professionals Prestige Reality – we know how to market your home effectively, negotiate better prices, and provide a wonderful experience from start to finish. Drop us a line – we’d love to chat!