Home Sales Expected To Rise Exponentially in 2017-2018
The dearth of home sales over the past decade has seen a sharp reversal so far in 2017, and experts are predicting that the trend will continue at an even higher rate in 2018. The past six months have brought rising prices and bidding wars – and even home shortages in popular areas – but overall sales are already up 3.5 percent from this time last year. The National Association of Realtors is predicting an additional increase of 2.8 percent in 2018.
Why the tremendous uptick in home sales – and what does it mean for prospective buyers? Economist Lawrence Yun says strong stock market performance and rising consumer confidence are at the root of the increase in sales, but demand is also pushing home prices to rise at a rate that outpaces incomes. For prospective buyers, this means either settling for less house for the price they can afford or putting a higher percentage of their income into a mortgage.
If you’re considering buying, sooner is better than later in the current market. Both existing homes and new construction listings are attracting massive interest, meaning you’ll need to get your finances in order, meet with a mortgage lender and make fast offers through a licensed realtor when you find a property you like.
If you’re considering selling, on the other hand, the current “seller’s market” offers tremendous opportunity to those looking to off-load a property. While you’ll still want to list at or near market-value, many sellers are achieving sales over their asking prices, especially on the coasts.
Whether you’re looking to buy or sell, remember that it’s always a good idea to enlist the help of a licensed real estate professional to guide you through the process and educate you on the trends in your specific area.
Image via Flickr/emerhogan