2017 was a fantastic year for residential sales, and 2018 is shaping up to be even better. If you are planning on putting your home on the market this year or looking to purchase a home of your own, below are five reasons why 2018 is going to be the best year to sell your property.
Interest Rates Are Low
Although mortgage interest rates are not quite the lowest that they’ve ever been, they are still notably low. According to industry experts, mortgage credit is going to be inexpensive throughout 2018, so it is an excellent time for buyers looking to purchase a new home, as well as an ideal time for sellers looking to sell their homes. When it comes to 2018 interest rates, the sooner you buy, the better! Rates are expected to climb slowly up to 5% by the end of the year.
Inventory is Low
Part of the reason that 2017 was so ideal for sellers was the shortage of housing inventory and high demand. Since there was much more demand than homes, prices increased steadily. Experts think that inventory will remain low and potentially get even scarcer before it starts to climb halfway through the year. Since the seller’s market is stronger than before, it is the perfect time to sell!
Home Prices Continue to Rise
Across the country, home prices are still rising as a result of the great market, low-interest rates, and limited inventory options. The most recent projections are predicting price increases slightly above 3%. Again, the earlier that you choose to sell your home, the better the price you will be able to get.
Buyers Have More Money to Spend
Consumer confidence is reaching an all-time high, unemployment rates are low, and the stock market has experienced numerous rallies over the past year. Since people have more money in their pockets to spend, they will be more likely to pay a premium for added luxuries or a home that they truly love.
Millennials Are Ready to Settle Down
While millennials are known for carrying high levels of debt, interest rates are finally so low that many first-time buyers are finally purchasing homes. Over the course of 2018, many experts are predicting that millennials might make up a whopping 43% of homebuyers taking mortgages.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and gettinging the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.