Get Moving! Real estate experts predict that 2017 is set to be the year of the home seller.
HERE ARE 3 REASONS TO SELL NOW:
1. Low Supply | High Demand
Lower inventory and greater demand have pushed up home prices. We have seen and experienced in Tippecanoe County that a shortage of inventory tends to keep home prices strong and has resulted in multiple offers and bidding wars. Tight inventory is a main reason the ball is still in the sellers’ court. The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.
Let’s Take a Closer Look at What’s Happening in Tippecanoe County:
ONLY 321 residential homes on the market for sale (down from 478 at this time in 2016)
162 homes pending awaiting closing (down from 190 at this time in 2016)
(per IRMLS Residential – January 2017)
2. Anticipated Rise in Interest Rates:
Mortgage rates have been rising since mid-October to around 4%. Interest rates are projected to increase moderately over the next 12 months nearing 5%. Even a small increase in rate will have a big impact on your housing cost. While mortgage rates remain low, experts predict more buyers will enter the market in the coming months due to anticipated rising interest rates. This could prompt buyers to start their house hunt sooner than later to take advantage of lower mortgage rates. If you’ve been sitting on the fence about selling your home, it might just be time to hop off.
3. Increasing Rents:
Rising rental prices could motivate tenants to make the leap into home ownership. Rent prices have risen 15% nationwide in the past five years in 70 metro areas across the U.S. and income growth hasn’t kept up, according to NAR. Renting can be very expensive and can make it difficult to save for a down payment. When renter’s see an increase in rent, it may help their decision to buy a home.
We have folks ask us all the time, how is the housing market? Our response this year has been that the the housing market in Tippecanoe County is STRONG and it continues to remain strong! Take advantage of the buyer activity currently in the market. The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
For more questions or for a specific update on YOUR neighborhood in the Lafayette, Indiana area – call The Romanski Group at (765) 404.5095 for a FREE Seller Consultation. Using an experienced team is the way to go to get your home SOLD! Don’t you deserve the BEST Realtor in the Lafayette Indiana area?! Click here to learn more about our Guaranteed Home Sale Program!