Real estate experts and economists agree that the housing industry is gaining momentum. If you are planning to put your home on the market for the traditional Spring selling season, be advised that Spring has sprung early this year!
Need proof? Here are just a few of the latest headlines from some of the most respected news organizations:
- Home Selling Season isn’t Waiting Until Spring This Year – L.A. Times, Jan. 20
- Housing Offers Hope of Strength in the Economy – New York Times, Jan. 24
- Housing Emerges as Economic Bright Spot After Years in the Dark – Washington Post, Jan. 28
- Home Prices Climb by Most in Six Years as U.S. Market Firms – Bloomberg, Jan. 29 .
Essentially, low interest rates, rising rents and a positive economic outlook are driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing against one another for those properties that are priced well. This results in bidding wars, which drive up housing prices.
The message is clear for sellers. Right now is a prime opportunity to sell a home. Sellers need to ensure their property stands out from the competition with proper price positioning and home presentation. If the home is priced right and in good condition, it will sell quickly.
Lower mortgage rates and higher rents continue to bring more buyers into the market. Buyers also want to take advantage of lower home prices before they rise. Increasingly low levels of inventory are pushing prices higher as bidding wars and competition escalate.
Buyers shouldn’t sit on the fence either. With a lack of inventory, the competition for that perfectly priced dream home is becoming fierce. Come prepared with solid financing, be ready to make a quick purchase decision and be reasonable with your offer and expectations. In some communities and price points, the buyer’s market has already tipped towards a seller’s market.
As all real estate is local, what is happening in some parts of the country may be different than what is taking place in your community. Look to the links (below) to the graphs to see the trends taking place in the area that most interests you.
If you still need help deciphering the information, contact a Coldwell Banker Residential Brokerage sales professional who will provide you with a competitive market analysis and review current market conditions with you. Your sales professional will use this information, along with a review of current inventory, recent comparable sales prices and other data, to advise you.
In addition, I know how competitive properties currently on the market will impact you, and can guide you in determining the optimal listing price for selling your home. If you are buying, I can help you decide on an appropriate purchasing price so you can make the right offer on the ideal home for you.
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