After going through a rough stretch following the collapse in 2008, the real estate market across the country has been booming for about the past year. You have probably noticed a sudden increase in both the number of homes selling in your neighborhood and the prices the sellers are getting for those homes.
At this rate, it seems like just about every house in the country is at its peak value, making this the absolute perfect time to sell. Let's take a closer look at four different factors that are coming together to make today one of the best times in history to sell a house.
New Buyers in the Market
We have spent the better part of the last decade wondering when the Millennials were going to shift from a preference for renting to owning their own homes. It appears like that shift finally started to happen late in 2016, and has completely taken hold here in 2017.
Because many of them have waited so long to purchase their first home, many of the Millennials entering the market today are doing so with plenty of cash and solid income, which means that they can afford a much broader range of home prices than previous groups of first-time homebuyers.
Lack of Inventory
Another force that is driving this powerful seller's market in 2017 is the fact that inventory has been close to all-time lows. Whether you are talking about new construction or quality resale homes, there aren't as many good ones on the market as buyers are used to finding.
Because there just aren't as many homes available, the good ones that do hit the market are going fast, and they're going for top dollar. If you are thinking about selling, that should be music to your ears.
Growing Sales Numbers
Despite the fact that there has not been much inventory on the market, the sales numbers for each of the early months this year have been incredibly strong. That indicates that there could be plenty of life left to fuel this seller's market.
Should those sales numbers continue to increase at the same rate throughout the rest of the year, we could be looking at 2017 as one of the best years in history for the real estate business.
Looming Rate Hikes
One of the major factors driving today's buyers is the looming threat of interest rate hikes. But even if those rates do start to trend up over the last half of 2017, that will only be more encouragement for potential buyers to make a decision and lock in a long-term rate before they move even higher.
Many buyers today are already realizing they missed out on the chance to lock in interest rates at their all-time lows, so they are currently scrambling to get themselves into a situation with a still-great rate before those rates move any higher.
When you consider that Millennials coming into the market are finding fewer homes available than they expected, and that they are watching those homes sell faster than ever while worrying about missing their chance to lock in a great interest rate, it's no wonder why homes are selling so well in just about every corner of the country.
If you are someone that is thinking about listing your home, right now could possibly be the best opportunity you have ever seen.
So what are you waiting for?