Guilderland, NY – If you’re a homeowner and have been thinking about selling, what are you waiting for? Here are 3 reasons why selling now could be more beneficial than you think.
Buyers are chomping at the bit. Eager homebuyers have been frustrated over the last few years, experiencing low inventory in most major markets, which is pushing them to start home shopping earlier in the year to try to beat out the competition and ensure they’re not missing out on any available properties.
The best time to sell your home is traditionally between March and June. But cold weather isn’t keeping interested buyers from starting their home search at the start of the year.
And while the last couple years have proven beneficial for sellers, seeing many homes sell for asking price or above, it won’t last forever. Zillow predicts home builders will begin looking to construct more entry-level homes to meet demand later this year. If you wait too long to put your home on the market, you may find yourself competing with new builds that haven’t been a part of the market in large numbers since before the recession.
Interest rates are low … for now. For both the buyer of your home and your own next home purchase, low interest rates can help make a transaction possible. In the second week of January, the average interest rate for a 30-year fixed-rate mortgage was 4.17 percent, according to NerdWallet. Mortgage rate averages reached more than 4.4 percent in 2017, but closed the year out just below the current rate.
While mortgage rates aren’t expected to spike significantly this year, they are forecast to increase overall. The Mortgage Bankers Association predicts 30-year fixed-rate mortgages will rise to 4.6 percent this year, and it expects rates to rise to 5 percent in 2019 and 5.3 percent in 2020.
While increasing interest rates are a sign of a good economy, they can squeeze out some potential homebuyers from the market. The current low rates can serve as a catalyst for many potential homebuyers to get moving sooner rather than later. But as interest rates continue to rise, you’re less likely to see as many bidding wars – which is welcome news for buyers but not sellers.
Renovations today won’t come back in full next year. Zillow’s 2018 predictions include the expectation that most homeowners will focus on renovations and updates this year rather than selling. If you’ve got remodeling on your schedule for the year, be sure it’s an update for you because it’s unlikely that renovations will have a 100 percent return when it comes time to sell.
The key to taking advantage of the seller’s market this year is not taking the tight inventory for granted. Buyers will still expect effort from sellers in preparing a property for sale. While they may be willing to overlook a dated kitchen, it’s the clutter, deferred maintenance and lack of curb appeal that can still kill a deal. If you do decide put your house on the market, take the process seriously, and you’re likely to see ample interest.
For information on this article, or if you have any real estate questions, please don’t hesitate to contact me today.
3425 East Lydius St., Guilderland, NY
$342,900 – 5 BR (1 On 1st Floor) • 3 Full Bath • 3077 sqft.
Meticulously Maintained Guilderland Colonial! Spacious Eat-In Kitchen Offers Granite Countertops, Plentiful Cabinets, Some Newer Appliances. The DR, LR & FR Feature Hardwoods, FR with Built Ins & Gas FP! 5 BRs (3 With Hardwoods) & 3 Full Baths! Awesome Opp. For 1 Floor Living with a BR, Full Bath & Laundry on 1st Floor! You will be Wowed by the 4 Season Rm with Gas Stove and Panoramic Views of the Forever Wild Backyard. Front & Back Decks! Newer Roof, Furnace, AC, H2O Heater, Comfort Windows!