If your thinking of selling your home, your first thoughts are probably “How much is my home worth?” and “When is a good time to sell?”. Well, let me answer that 2nd question for you right now!
Now is a GREAT time to sell!
Why is now such a great time to sell? Here a few of the reasons…
- In Polk County, like in much of the Country, the supply of homes for sale is low, so buyers have limited choices.
- Interest rates are on the rise. So, people that are thinking to buy are motivated now, so they can get locked into a lower interest rate.
- With the rise in the stock market, there is a general positive attitude in the real estate market.
- Investors are actively in the market competing with first time home buyers, however they typically buy homes that are not finance able in their present condition.
- Millennials are actively in the market, though more so in metropolitan areas
What all this means for Polk County residents looking to sale?
What happens over the next few months will likely tell the story for the rest of the year. If the supply of homes for sale rises higher between now and March than last year during this time and if the prices continue to rise at the same pace as the past year, then prices will be flat, if not lower in May. On the other hand if the supply of homes for sale is less than last year, prices will rise. Though when selling, keep in mind, wages are not appreciatively on the rise in our area, so without higher incomes there is a limit that buyers will pay for homes.
However, it is unlikely that homes priced over $275,000.00 will enjoy the same price increases that were enjoyed earlier. I suggest that if you plan on selling a higher end property in the next year or so, because of demographic changes, it would be best to place it on the market sooner, rather than later.
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