While the housing market has been volatile over the past decade, it is starting to stabilize, and that’s good news if you want to sell a home in 2017. It’s that stability and the accompanying equilibrium between buyers and sellers that makes 2017 a good year to buy a home. Sure, you won’t see the kind of explosive growth homebuyers saw a few years ago, but you also probably won’t see the kind of deep drop in home values that preceded it.
Home values are continuing to grow at a stable rate
Zillow is predicting home values will grow 3.5 percent, according to their Home Price Expectations survey, while Realtor.com suggests a similar 3.9 percent growth. Other reputable home-price tracking services put values between 3 and 4 percent as well. All these predictions are slightly slower than 2016’s near 5 percent growth.
This is a good thing, though: Slower, stable growth means the market is returning to a more predictable norm. So if you sell now, you aren’t losing out on any explosive growth to come and you are also unlikely to be buying a home that will suddenly drop in value.
Home sales are still climbing
The National Association of REALTORS® predicts home sales will reach 6 million in 2017, while Fannie Mae and Freddie Mac say 6.2 million and the Mortgage Bankers’ Association says 6.5 million. For context, NAR predicted 2016 would see 5.8 million and while numbers aren’t final yet, sales were on target to hit that number by the end of the year.
The residential market is still an active and busy place and buyers are out there. You don’t want to see sales dropping, meaning your home might languish longer on the market.
Inventory is still tight
Economists and other experts are predicting that inventory will remain tight, and that generally leads to a seller’s market. This was a big year for refinancing: Freddie Mac reported $1 trillion in refinance originations last year, which tends to mean homeowners stay put, at least for a few years, after completing the process.
Tight inventory means less competition and more control over the price of your home. Buyers could be more willing to overlook problems or chalk up more money for the right house when their options are limited.
If you want to know if conditions are right for selling a home in 2017 in your area, contact me. I am a Certified Residential Specialist. A CRS agent is educated on the specific conditions of your local market and buys and sells homes every single day. A CRS can help you sell your home quickly and for its top market value.
If you want to sell your home this year, you need someone you can trust by your side, who is looking out for your best interests and is willing to put all their knowledge and experience to work for you. You don’t just need a real estate agent, you need a CRS. I look forward to working with you!