Who wants to be a millionaire? To buy a modest home in some cities, you might have to be! In San Francisco and San Jose, one million dollars is the expected going rate. But if you travel,
2018 Housing Market And Why You Should Buy Or Sell Property
The Housing news may not be as bad nor as great as anyone had expected.... so isn't that good news after all?
Gord Collins in his Feb 2018 article sites the top 8 reasons people are still eager to buy:
- home prices are appreciating and it’s a safe investment over the long term
- Millennials need a home to raise their families and are more likely to buy than rent which is a significant change
- rents are high giving property owners excellent ROI on rental properties
- flips of older properties continue to create amazing returns
- real property is less risky (unless you get over leveraged)
- the economy is steady or improving
- foreigners are eager to own US property
-bankrupt buyers are over their 7 year prohibition from the last recession and they can buy again.
So investing in your own home and not helping someone else pay off THEIR investment, is still just common sense. The outlook that interest rates will skyrocket is diminishing. Samantha Sharf in a recent Forbes article mentions, "Experts tend to agree mortgage rates will finish the year between 4% and 4.5%. That’s a touch higher than the rates for most of 2017 but still historically low."
All good reasons to BUY... but this also works for the benefit of the Seller!
The availability of homes for sale continues to be tough. Demand continues to be higher than what is in the market, ready and available. Developers continue to produce new homes "to buy" vs. homes "to rent" since that is the strength of the market.
Samantha Sharf continues, "According to Zillow, housing inventory declined 10.5% in the 12 months ending in November. Data from brokerage Redfin shows that in November 2017 there were 653,347 homes for sale across the country. In November 2010 there were 967,604. Low inventory, says Olsen, “drove all the dynamics that we saw, from bidding war in the hottest U.S. housing markets, to the incredibly fast home value appreciation” across the country."
So maybe it's time to look at the equity in your home and make that big change you've been contemplating. The market is strong to sell and a seller can capitalize on the housing inventory slump. So whether you're looking to get that larger dream home, downsize due to lifestyle changes or simply looking to relocate.... now is the time to cash in on the market value of your home!
Call us today at no obligation to find out what type of home you may qualify for or what your current home is worth!
My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....