Reasons It'll Pay to Market Your Home Early in 2018:
It's been nearly a decade since the Great Recession delivered the worst housing crash in modern memory. But these days, the fallout feels squarely in the rearview mirror. Markets have bounced back with fervor, and confidence is skyrocketing: From Charlotte, NC, to Stockton, CA—homes are flying off the market at record prices, and buyers are still clamoring to get in the game.
One thing is clear: It's a great time to be a seller.
"We’ve seen two or three years of what could be considered unsustainable levels of price appreciation, as well as an inventory shortage that resulted in a record low number of homes for sale across the country," says Javier Vivas, director of economic research for realtor.com®.
In other words: Today's buyers are exhausted. And in many cases that means they're willing to sacrifice to get a toehold in the market.
Sounds like the stuff of seller's dreams, right? But know this: If you plan to sell in 2018—and you want to unload your home quickly and for maximum money—your window of opportunity may be rapidly narrowing. Here's why you should get moving ASAP.
1. Interest rates are still historically low, drawing buyers into the market
We may not be enjoying the rock-bottom interest rates of three years ago, but today's 30-year mortgage rates—hovering just above 4%—are still at a historic low.
That means the getting's still good for buyers—and, subsequently, for sellers looking to unload their homes.
But rates are on the rise, and it's widely predicted that they'll reach 5% before year's end. Buyers know that the longer they wait to buy, the more expensive it will be.
That means you'd be wise to list your home earlier in the year before more rate hikes kick in. Not only will you capture the market of buyers hurrying to close a deal, but if you're buying after you sell, you'll also benefit from those lower rates.
2. Inventory remains tight—and demand high
Simply put, there are more buyers than available homes—particularly in red-hot markets where land is scarce and it isn't cheap to build.
