Although real estate market conditions vary from location to location, the housing market in many areas now favor sellers. If you’ve been thinking about selling, now may be a great time.
Selling now may be a good decision because prices are in the "sweet spot" in many areas—affordable for buyers and profitable for sellers. As little as five years ago, home prices were out of reach for some buyers, but after a dip in prices over the last few years, prices have come back, although not quite to the levels we saw during the housing boom. According to the National Association of Realtors, the median price of an existing home in February was $189,900, up 9.1 percent from February of last year.
Inventory levels are also favoring sellers—and low inventory often means you have an edge as a seller; with a smaller number of homes on the market, sellers may not have to make as many concessions to buyers. Of course, this doesn’t give you—as a seller—a license to be inflexible with a buyer’s needs and desires, but homebuyers may be a bit less demanding under the current market conditions.
Finally, now may be a good time to sell because interest rates are still very low and many buyers are looking to take advantage of these rates. Currently, the rate on a 30-year fixed-rate mortgage is right around the 4.3 percent mark and has been hovering in this range since the rates shot up last summer. Many buyers are worried that rates will rise again this year, so the spring/summer buying season may be busier than we’ve seen in a few years.
Put together, these housing conditions have tipped the scales somewhat in favor of sellers, so if you want to catch the wave, now may be the best time to do it.
For 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have more than 60 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. They are located in the Town of Norwood, Massachusetts where they have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671