2018 REAL ESTATE MARKET UPDATE
WHAT LINDA SECRIST & ASSOCIATES SAY ABOUT THE 2018 HOUSING FORECAST
2018- Millennials favor homeownership: Millennials are the largest living generation and Pew Research notes that their households dominate the ranks of the nation's renters compared with previous generations. As the generation matures (the oldest are at 34 years of age), seventy-two percent wish to become homeowners.
2018- Demand is outpacing supply: According to Freddie Mac research, the hurricane season that hit the southern and eastern coastal areas is exacerbating a market already short on homes. Additionally, home prices are predicted to rise 4.9 percent nationally.
2018- Unemployment remains low: The unemployment rate remains at a low 4.2 percent, according to the U.S. Bureau of Labor Statistics.
Due to this, many buyers have the income needed to shop for homes.
2018- New home construction lags demand: 'New construction is receiving a boost by low mortgage rates, an ongoing shortage in existing homes for sale, and solid builder confidence,' says Robert Dietz, Chief Economist with the National Association of Home Builders. Currently home builders are struggling to meet the demand for new homes, according to the U.S. Census. Nationally, there is currently a five month supply at today’s rate of sales.
2018- Mortgage rates under four percent: Nationally, the average interest rates on conventional purchase-money mortgages decreased in the fall to less than four percent, reported the Federal Housing Finance Agency.
Market conditions suggest near-term winter and spring home buying will remain brisk in 2018. We expect an increase in spring buyer activity which will continue throughout the summer.
Home Selling Tips
'Is this a good time to be selling my home?' There are many factors that go into answering that question such as market conditions and mortgage rates; however, many homeowners go into home selling with the preconceived notion that listing in the spring is best. That notion could not be further from the truth! Of course, many markets across the country experience a selling frenzy in the spring, however that doesn't mean spring is the best or only time to sell your home.
Here are a few reasons why selling in the winter may be a better decision than waiting until spring.
Less inventory = less competition
As mentioned, spring is usually the time when most sellers decide to list their homes. Meaning that the market becomes saturated with new and re-listed homes in the spring. Winter, on the other hand, often see lower inventory and therefore less competition for your home. Buyers looking for homes in the winter won't have as many comparable homes to see and therefore are more likely to schedule an appointment to view your home.
Winter Staging
Staging can be one of the most important components in selling a home. A well-staged home can make or break a showing. In the winter months, staging may consist of seasonal decorations, warm cookies at an open house, and familiar warm scents. A cozy, warm, seasonally staged home in the winter months may be that extra touch a potential buyer needs to see themselves in the home and make an offer.
Buyers are always out there
Homes are bought every single day of the year. Many home sellers believe that 'buyers only buy in the spring,' clearly that is false. No matter the time of year, if a buyer is serious, they will look for a home. Additionally, many companies hire and relocate employees during the 4th quarter of the year. Due to this, many relocation buyers have to find a home in the winter months.
Faster transactions
In the winter months there are typically fewer real estate transactions than in the spring. Due to this, mortgage lenders have fewer loans to process, home inspectors have more time for inspections, and moving companies have more flexible schedules; all of this can lead to expedited transactions and closings.
Your agent is ready to sell your home
Your agent will always be ready to sell your home whether it's spring, summer, fall, or winter. An experienced agent will know how to market your home based on the current season. Your agent will create a personalized marketing plan designed to sell your home during the winter months.
If you think now is the right time to sell your home, send us an email or give us a call today.
Linda Secrist & Associates are the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years! Linda Secrist is in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!
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