If you have been trying to consider when is a good time to sell your home, you might be surprised to know that it appears that now is the time to sell your home for top value. There are less homes on the market, and that means a feeding frenzy of buyers looking to take advantage of low interest rates!
This year the interest rates are expected to increase by late 2018, and we have already seen a slight tick upwards, which makes buyers want to move forward and buy NOW. However, interest rate directly affects the selling price we may be able to achieve. So if it goes to high, it will force people to not be able to reach as high in the purchase.
Here are some of the metrics we review to see the health and vitality of the market.
The graph below shows the month of supply in the market. This means if no other homes come on the market, how long will it take us to get through it? Based on this it is 1.8 months. Anything below 3 months is a seller's market.
Then we look at the average days on market. From this graph below you will see the days on market dropped 20 days from last year to this year. This means homes are almost immediately selling.
Then we look at the average sales price. From here you can see it has gone up $16 per square foot in 12 months. That is amazing!
The largest buyers segment of the market are the millennials. Here is a great article about their buying power and what they are looking for in a home. CLICK HERE.
The market is extremely strong right now, and if you want to sell your home for top dollar now is the time! The January numbers will come out next week, and we expect there to be a huge increase in sales!