Have you been thinking about selling? If so, the time may be right. Although market conditions in different areas can vary, recent national data has been pointing towards a seller’s market:
Housing inventory is down. For the last twelve months, inventory has declined nationally each month year-over-year, according to an analysis by Realtor.com. Although the figures from the summer months show an increase in inventory between March and July, the overall numbers for 2017 are the lowest for any six-month span since Realtor.com began tracking housing inventory in early 2012. If you’re selling your home, less inventory means less competition—and it could also mean a better selling price and not having to make as many concessions to buyers.
Average time on the market is down. The biggest fear for many sellers is having their home sit on the market longer than it needs to or not sell at all. In looking at the latest figures from the NAR, however, sellers needn’t worry. For August, the national average time on the market was 30 days—which is not far off from May’s record low of 27 days—and is down from 36 days in August of 2016. So if you’ve been hesitant to sell your home because you’re worried that it may take a long time to sell, this latest data should put your fears to rest.
Interest rates may go up. Even though interest rates have been low lately—coming in under 4.0 percent in 18 out of the last 19 weeks, according to Freddie Mac’s Primary Mortgage Market Survey—the specter of higher rates in the near future may be driving buyers to buy now rather than wait. If the rates do rise again, many buyers may be hesitant to jump into the market. Although no one wants to the rates to go up, if the idea of higher rates can increase the number of potential buyers in the market, that’s good news for sellers.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 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. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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