The past several years have been very kind to home sellers across the country. With such a strong seller’s market, people who weren’t even thinking of moving chose to put their homes on the market because they didn’t want to miss the opportunity for profit. Bidding wars were common because inventory of homes for sale was low while the need for homes remained high. In other words; there were more buyers than sellers. And buyers were willing to pay premium prices to get the homes that were available.
Well, in the words of Bob Dylan, “times they are a changin’”. The housing climate is shifting in 2019 and with each passing month, it is moving closer toward becoming a buyer’s market. Yes, my friends, the once white-hot housing market is beginning to cool. But the key word there is “beginning”. It’s still a seller’s market in most of the country, it’s just not the same market we’ve seen in past years. If you are thinking about selling your house, it will benefit you to do so sooner rather than later. There may be a little more competition, and you might have to do a little more to entice buyers, but if you move quickly, you can still get top dollar for your home.
Here are the reasons why you should get your house on the market now:
Over the past several years buyer demand has outpaced the number of homes on the market. If you had listed your home, yours may have been the only house in your neighborhood for sale. With that, you would likely have been fielding several offers for your home at list price or above. Soon, this will no longer be the case. The number of homes on the market are slowly increasing. Right now, buyers still out number inventory; but that will soon be a thing of the past. Therefore, if you are thinking of selling and you don’t want to compete with other sellers, it is in your best interest to list as soon as possible.
- DEMAND FOR HOMES UNDER $300K
If your home value is less than the national median price of $289,300, you are in luck! Inventory is increasing at a slower rate for these more affordable homes than it is for luxury homes. In addition, there are more shoppers looking for homes in these price ranges.
- LOW MORTGAGE INTEREST RATES
Mortgage interest rates were predicted to rise in 2019, and they were moving upward at the end of 2018. However, since the new year has arrived, rates on a 30-year fixed mortgage have been falling instead. In fact, they recently fell to a 12-month low of 4.37 percent. As a seller, you can expect buyer interest to peak with rates historically low. In addition, people looking to move up into nicer/bigger homes will want to take advantage of the low rates, so if you plan to both sell and buy, it makes sense to do it now!
- THERE IS STILL TIME TO MAKE A GOOD PROFIT
Home prices have been increasing over the past seven years. In fact, they have nearly doubled since 2012. This has been fantastic for sellers. But with the market cooling, we have already seen some price cuts in 2019. But don’t despair! Moderate prices combined with low mortgage interest rates means there will be more buyer demand for homes. Keep in mind that many home prices are still increasing, just not as quickly as in past years. Also, with more homes on the market there is a decreased chance of multiple offers resulting in a bidding war over a home. That’s why it will pay off to get your house on the market as soon as possible so you can take advantage of what is still primarily a seller’s market before conditions fully change.
Around 5 million millennials will be turning 30 in the next couple of years and, historically speaking, that is the average age when most people buy their first home. So, it’s safe to say that millennials will have a huge influence on the housing market. In addition, older millennials in their mid-to-late 30s may be looking to move up from their current homes to bigger and better ones. They are all going to be jumping at the chance to buy while interest rates are so low, so now is the time to take advantage and put your home on the market! How Millennials Are Moving the Housing Market
Are you ready to SELL your home? Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke at Tampa Realty Now with RE/MAX ACR ELITE and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price! CALL THEM TODAY at 813-728-3880 or 813-675-5030.