In many parts of the city, it’s quickly becoming a seller’s market. The lack of quality inventory paired with low interest rates is creating a lot of competition among buyers. For sellers who purchased within the last 2-3 years (at the bottom of the market), and have some equity in their home, now may be the perfect time to sell and move up to the next home. According to a recent HousingWire article, time is of the essence for these sellers. The longer they wait to sell, the higher the prices are likely to be for the market they’re moving into. Additionally, the Mortgage Bankers Association predicts interest rates to rise to 4.4% within the next year, increasing the cost to finance your next home.
Check out the chart below to see just how much inventory has decreased, just in the past few months. And if you’re wondering if it might be a good time to consider selling your home, contact me today. I can provide you with a free Maximum Price Analysis to show you how much your home is worth in today’s market.