YOU SHOULD HAVE LISTED YOUR HOUSE YESTERDAY!
Anyone living in Charlotte knows the housing market has low inventory, rising prices, and climbing rent. Charlotte home values have gone up 8.9% over the past year and are predicted to escalate 6.5% within the next year. “That’s Great!”, says the Charlotte homeowner. But what does that mean?
It’s simple. This market offers homeowners a great opportunity!
Consider SELLING YOUR HOME this year and do not play the waiting game. Here are four great reasons why:
In Real Estate, we love millennials because they are buying homes more than anyone else! As of March 2018, millennials make up the largest share of homebuyers at 36 percent, according to the National Association of Realtors. A recently commissioned Harris Poll survey of 2,000 U.S. adults by Trulia, revealed more than one-fifth of millennial Americans say they plan to buy a home within the next 12 months. Homeowners should consider this good news! With a strong pool of current active buyers, and an increasing number of millenials wanting to purchase within the next twelve months, homesellers will have a better opportunity at a bidding war. Now is the time to get multiple offers at top dollar.
Some advice - DON’T PROCRASTINATE… it doesn’t mean they will be willing and able to buy forever!
#2. Interest Rates
The current 30-year fixed mortgage interest rate of 4.35 percent is causing an influx of active buyers! If that number doesn’t mean much to you; compare that to what homeowners were paying in 1981, when they were at a historic high of more than 18 percent. The ever-changing (yet currently very low) interest rate is giving more buyers the ability to purchase a home! In other words... “Homeowners should sell while interest rates are low and while a larger pool of buyers are able to afford to buy.”
Just remember- Interest rates will fluctuate! According to many experts; expect to see rates drift higher and higher in 2019.
Equity, Equity, Equity! I love the sound of that and if you are a homeowner in Charlotte right now, you should too. If you have owned your home for a while, made some renovations, and keep noticing all of the houses around you selling way above what you expected; you probably have built some equity. The higher the equity in your home, the more you net from the sale. Sale proceeds can easily go toward the down payment on your next home. The larger your down payment, the better you look to lenders and the lower your interest rate. Size-able down payments also prevent an increase in monthly mortgage payments by private mortgage insurance add-ons.
Homeowners- Now is your chance to take the equity and use it for your dream home!
Economy and real estate values are like Peanut Butter and Jelly. They just go together. The condition of the economy affects real estate. Out of 100 U.S. real estate experts and economists surveyed by Zillow, almost 50% expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019. Folks, it is already spring time 2019! Whether you believe the recession will be here later than sooner, current real estate patterns show it is coming! If you want full value for your house at the peak of the market...Your house should have been listed yesterday!
Don’t let uncertainty hold you back! If you need help figuring out your next steps, I know some great Realtors at Homes by Hall Realty. Check em out @ www.homesbyhallrealty.com!