Are you thinking about selling your home? Maybe your family is outgrowing your existing home or you’re an empty nester and want a smaller place. Perhaps you’re looking at selling your vacation home that doesn’t get used all that often. If any of these scenarios apply, then you’ve picked the right time for a change. In fact, in late 2015 real estate experts were encouraging sellers to hold out until 2016 before putting their houses on the market. So, if you’re ready to list, 2016 could be your year.
Here are four reasons why now may be a perfect time to put your house on the market.
Today’s Market Is Strong
2016 has proven to be a strong year for real estate and according to the National Association of Realtors, real estate agents expect the strong sellers’ market to continue throughout the remainder of the year.
New Construction Is Coming Back
Over the past several years, most sellers did not have to compete with new developments. However, today new construction is booming. These new homes will again become competition as they are an attractive option for many purchasers. So, before new housing becomes more readily available you may want to hurry up and list.
Mortgage Rates Are Low
According to Freddie Mac the average rate for a 30-year fixed rate mortgage has fallen to 3.48%. This is down from a 3.66% average in June of this year. The average rate on a 15-year fixed mortgage dropped also dropped, from 2.92% to 2.78%.
While these rates don’t directly affect you (unless you’re looking to purchase again) they do affect buyers, and the better these rates are for buyers the more you’ll have walking through your front door.
The FHA Is On The Buyer’s Side
The Federal Housing Administration backs loans with down payments as low as 3.5% and credit scores as low as 580. Their rate fees are down from 1.35% to 0.85% and the FHA predicts that their premium cut will bring 250,000 first-time buyers into the market. Why not let one of them snag your home?
If the time has come for you and your family to move on, then you’ve picked a good time to do so. All of what we’ve covered above are good reasons to consider selling your home sooner than later. But remember, your real estate market is unique. Consult with an experienced real estate agent to find out how the 2016 housing market is shaping up in your area. They can help you decide if selling your home in the current market is ideal and if it makes financial sense for you and your family.