, real estate
The real estate market is a dynamic and ever-changing landscape. As a result, it can be hard to predict when is the best time to sell your house. While there are many factors to consider, this guide will provide you with some key information to help you make the decision that is right for you and get top dollar for your house.
The US housing market is currently in the midst of a historic expansion. Home prices have been on the rise for the past eight years, and there is no end in sight. Despite concerns about a potential slowdown, the reality is that the market is still strong, and there are a number of reasons to believe that it will continue to be so for the foreseeable future.
If you’re thinking of selling your house, now is a great time to do so. Here’s why:
1. Prices are still going up.
There’s no doubt about it, prices are still on the rise. In the most recent data from the National Association of Realtors (NAR), the median existing-home price for all housing types was $264,800 in August, up 4.7% from August 2017. And, in the most recent data from the S&P CoreLogic Case-Shiller National Home Price Index, home prices increased by 5.9% in July 2018 from a year earlier.
2. You can get top dollar for your house.
With prices continuing to increase, now is a great time to sell your house and get top dollar for it. In fact, according to the NAR, the median home seller in August 2018 saw a return of $61,000, which was the highest since NAR began tracking this data in 2000.
3. Mortgage rates are still historically low.
Mortgage rates play a big role in the affordability of buying a home, and they are still at historically low levels. According to Freddie Mac, the average 30-year fixed-rate mortgage was 4.53% in August 2018, which is down from 4.57% in July and down from 4.86% in August 2017.
4. There is a continuing shortage of houses for sale.
One of the main reasons prices have been rising is because there has been a continuing shortage of houses for sale. In August 2018, the NAR reported that there was a 4.3-month supply of houses for sale, which is down from 4.6 months in August 2017. This shortage of houses is expected to continue into the foreseeable future, which means prices are likely to continue to rise.
5. More people are moving to recreate the American dream.
It’s no secret that the American dream of owning a home is alive and well. In fact, more people are moving to recreate the American dream than at any time in the past decade. According to the Census Bureau, the number of people moving to a different house rose to 11.2% in 2016, which was the highest level since 2006.
Now is a great time to sell your house. Prices are still going up, you can get top dollar for your house, mortgage rates are still historically low, there is a continuing shortage of houses for sale, and more people are moving to recreate the American dream.