Simply put, buyers are chomping at the bit as a low inventory and frantic shopping market take hold. Even Zillow is on board with this sentiment as it predicts inventory shortages that will drive the housing market. Prices are on their way up, which is great for sellers.
Traditionally, the best time to sell or buy a home is between March and June. When the weather is best for making moves and getting outside goals (like moving a bed and piano) accomplished. And while you think about waiting to see how the market goes, realize that home builders are currently rushing to build more entry-level homes to meet the wave of demand.
And don’t forget, interest rates are low…for now. Both buyer and seller will want low-interest rates when it comes to acquiring a property, but those rates are rising and will make selling and purchasing that much more difficult depending on your price interest level. On the bright side, the Tax Cuts and Jobs Act of 2017 changed home-related tax policies. Mortgage interest rates are only deductible up to $750,000 in debt and property taxes are only deductible up to $10,000. So if you are looking for deductions like you had in the past, it might be the right time to move.
For homeowners that want to sit-tight, if you are interested in renovating instead of selling, realize that they are going to be mostly for you as they won’t help you see a return in selling for years to come. New homes with new features and upgrades will lower the value of your renovations.
If you’re interested in selling, the fruit is ripe right now, wait too long and home builders will edge out your opportunity. Contact us today with any questions, before its too late.