Growth Is Predicted for 2017. What does that Mean to Home Sellers?
With the start of a new year, it’s always interesting to get a gauge on the possibilities that lay ahead, and the housing industry is no exception to this rule. While the market has seen continual growth throughout the last year, thanks to a stabilizing economy and improvements to employment numbers, each year presents its own challenges and opportunities. What does 2017 have in store for anyone buying or selling property this year? Let’s see what the experts expect.
Mortgage rates will continue to stay low.
US Housing starts will rise through 2020, according to Realtor.org.
Both of these predictions show growth potential for the coming years, but in order to afford to buy a home, people need solid employment and income potential. To that end, employment also looks to be on the rise for the future.
While it looks like existing home sales will slow, also according to tradingeconomics.com, the uptick in new construction will drive the home sale forward overall. All that said, with so many statistics and studies showing growth, what does this mean to someone looking to sell their home?
Growth tends to lead to increases in mortgage rates, and even if they are expected to stay low for the foreseeable future, it would be in the best interest of anyone looking to sell a house to meet with a local mortgage professional and get a true gauge of what they can afford for their next home. Partnering with a mortgage expert gives the advantage for home sellers by offering insight into the effects of credit history, the local real estate market and expected mortgage rates as well as awareness into the true value of their existing home. Armed with this information, home sellers can list their property for the sale price they need to obtain the next home they seek.
Speak to a mortgage professional today to begin the process of selling your home and avoid the potential pitfalls when the offers begin rolling in.
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