There are three big reasons that right now is the time to both buy and sell real estate. Consumer confidence has been increasing since November, story which could indicate that we’re starting out on the right foot for a successful 2017. So what makes right now the time to buy or sell? Take a look at the info below and it might help clarify things.
- Interest Rates On The Rise
Interest rates have been slowly rising since the summer of 2016. Rates are currently between 4-5% and there aren’t any indications that they’ll be going lower anytime soon. It could very well be over 5% by spring, approved and the more it goes up, the lower your buying power. Combine that with rising home prices and it’s significant.
2. Home Prices On The Rise
As mentioned above, home prices are also on the rise and the reason is simple (supply and demand). You’ll see in our third point below that inventory in Logan Utah is down, and has been historically low all year. This naturally creates a sellers market, and with more buyers than sellers, prices increase. Take a look at the chart below and notice a sharp increase throughout 2016, and with the economy predicted to strengthen, 2017 is looking strong for home values.
3. Inventory Is Low
It has been a very long time since we’ve seen inventory this low to start a new year. Continuing the trend all year, low inventory is increasing home values as a sellers market typically does. Should you sell your home? That depends of course on your circumstance, but if you foresee that as a possible option in the near future, then you need to contact us to go over your unique options, and discuss how we can utilize our leading technology to get your the most for your home.