If you have not considered selling your home this year, reviewing the market surveys and the current economic situation you may want to rethink about the same and perhaps even change your opinion. Ask expert real estate brokers about it to get more expertise.
As per the survey, where more than 2000 US adults voted, it was concluded that 31% of the homeowners considered that 2018 is a better year than 2017. The market sentiments also expect inventory shortage to gear up with the drive of the housing market. The number of houses presents to meet buyer demand, prices will shoot up, and the buyers will not be in the position to buy the house or make the down payment needed to get a winning offer.
We shall now consider the aspects that will prove that 2018 is best for real estate agents.
Buyers are chomping at the bit
Low inventories in most of the markets have agitated the eager buyers; thus, this is making them move to home shopping earlier in the year to beat the competition and thus avoid missing the best of the home options. Instead, it would not be an understatement to say that this year even before the clock had struck midnight on the New Year, people were already geared up to buy or sell a home. All throughout the month, the rates of traffic on real estate sites were high. As the holidays have come to an end, people are now focusing on the house where they want to live.
Interest rates are low
The rate of interest for a home mortgage will be low; thus the transactions are more feasible. The whole year round, the average rate of interest was way more economical than the rate of interest in 2017. The current rate of interest is low, which can make the potential homebuyers more inclined towards buying the home. The interest rates are increasing, and this could be excellent news for the buyers but not the sellers.
You will easily find cheaper property taxes
By the end of 2017, the Tax Cuts and Jobs Act was passed which implies that there will be few considerable home-related tax policy changes in the year 2018. Mortgage interest rates are deductible up to $750,000 in debt and property taxes are deductible up to $10,000. These limits are not affecting all, but the homeowners who are residing in counties and cities with high property taxes are going to be modified with the financial hit as they file the taxes in 2019. Thus it could be worthwhile to shift elsewhere. Thus the areas where property taxes are high there may be selling of houses to be witnessed.
Renovations today will not come back in full next year
It is expected that renovations and updates will get you a larger amount from the buyer. If this year you spend some amount on improvements, it is unlikely that renovations will fetch you 100% return. Thus the amount that you have to spend additionally on your home will be a waste and have no return value. Therefore this year you can’t take the tight inventory for granted. Buyers expect that the sellers will make an effort to sell the property. Thus you need to maintain the house so that the buyers can move in and stay, but going too far on spending can be of no use. There is a thin line between both and you have to see through it.
Thus seeing the above scenarios and observing the market it is worthwhile to sell off your house.