If you have been thinking of selling this year, I have some information you may want to consider.
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Since home values have been on a climb in the recent past, many people assume this trend will continue.
Since home values have been on a climb in the recent past, many people assume this trend will continue.
However, the general consensus among housing analysts and economists is that the local real estate market will slow down in 2017.
According to Forbes, the appreciation in 2016 was beyond expectation, and mortgage rates had an influence on previous record lows. Inevitably this caused them to cross over 4% for the first time in two years.
Additionally, prices rose each month of last year. The largest increase came in the last half of the year.
The local real estate market will slow down in 2017.
This climb is expected to continue; however, it will slow down this year. In other words, if you are thinking selling, the time to do so is now. What we’re seeing is a perfect storm.
A slow, steady increase in home values combined with low interest rates and low inventory means the market is currently a great place for sellers.
This is especially true now that millennials are ready to become homeowners.This puts starter homes at an even higher level of demand.
Also, while experts say that prices will gradually increase, overall sales growth will start to slow. This cooling trend eases some of the recent affordability issues we’ve seen in our market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
