Less competition early in the year
There are always fewer available homes for sale at the beginning of the year due to poor weather and post-holiday fatigue. Buyers tend to jump on homes early to avoid the crowds and competition during the warmer months.
Did you know: 73% of prospective homebuyers don’t consider purchasing until spring or summer.
Everyone knows the start of a new year means getting ready for tax time. But this is a good thing for a seller, because in many cases it results in tax refunds. And there’s nowhere better for buyers to put their refunds than into a down payment on a new house.
Did you know: According to the IRS, the average tax refund was $3,053 in 2016.
Increasing home values
The housing forecast predicts home values could rise by 5% or more this year, so buyers may be anxious to invest in a new home now to reap the benefits later.
Did you know: Nationwide, the average gain in housing wealth in 2016 was about $11,000 per homeowner.
Rising interest rates
A lot of things are changing in 2017, and one of those changes is rising mortgage rates. Buyers may want to buy a home now to avoid the higher interest rates further in the year.
Did you know: Rates are projected to stay in the 3.5 to 4% range on a 30-year mortgage.
The inventory of existing homes for sale has dipped more than 9% every year since 2015, and new home building has been declining since 2008. These two factors alone will add value to your asking price.
Did you know: In 2000, there were 10.7 million single-family homes being rented, not sold. In 2016, that amount was 17.5 million.
Bigger home loans
Fannie Mae and Freddie Mac are set to begin backing larger mortgages this year, which will help many homebuyers (especially first-time buyers) afford a house.
Did you know: Insured loan limits will increase to $424,100 in most of the country, up from $417,000.
Get the full infographic here:
24/7 Wall St. “Why 2017 May Be a Very Good Year to Sell Your House” http://bit.ly/2iVbeV0
Bankrate “Interest Rates to Creep Higher in 2017” http://bit.ly/2iGjjzc
Bloomberg “Fannie Mae, Freddie Mac Will Back Even Bigger Mortgages” http://bloom.bg/2iJaTFg
CoreLogic “US Home Price Report Shows Prices Up 6.3 Percent in September 2016” http://bit.ly/2igtUOn
Trulia “6 Tips for Selling in 2017” http://on.trulia.com/2hXdlt2