January 2019 Quarterly Update:
Why You Should Sell Your Home This Year – What to expect in 2019
No, a crisis isn’t imminent, and if you choose to hold off for another year or two it likely won’t ruin your chances of getting a decent price for your home. However, there are a few factors in play right now that you should be aware of as you’re considering when to sell.
Mortgage Rates. Mortgage rates are at their highest since 2011 and are expected to continue to rise throughout the year. This could cause buyers to hold off on their home search, reducing competition for your home and potentially lowering profits on your home sale. Also, if you’re like most sellers and need to buy another home, you will be facing those higher interest rates yourself with your new mortgage. Your best bet is to list now rather than later.
Home Inventory. Something that will work in your favor as a seller this year is the low housing inventory in our area. (See Current Active Listings in the Market Update below) Even if we don’t see the surge of buyers into the market this year that we have in the past few years, housing inventory is still very low, and is expected to remain low this year. For a seller this means less competition, making your home more likely to sell more quickly and at a better price.
Home Prices. Home prices have been steadily rising over the past few years, but with mortgage rates on the rise and fewer buyers house hunting, it’s expected that the rise in home prices will slow down as well. This is another good reason to list your home sooner rather than later. If you wait until next year or the year after, it’s unknown if you will be able to get as much for your home as you could this year. That far into the future can be hard to predict, but we know for sure it’s a good time to sell now!
For sellers in 2019, the name of the game is “the sooner the better”, but it will still be a great year to list your home. While your house may stay on the market a few days longer than it would have in 2017 or 2018, buyers are still out there and you can still profit from selling this year. If you’re considering selling, give us a call, text, or email – we’re looking forward to working with you this year!
The Zenith City Group
Brok Hansmeyer, 218-390-1132, firstname.lastname@example.org
Kevin Kalligher, 218-606-0198, email@example.com
John Cheng, 218-404-0000, firstname.lastname@example.org
Do you know of any homes that could meet any of these buyers’ needs? Please let us know if you do!
D.H.: up to 290k, 3-4 bed, 1+bath, 1+ car garage, in Hermantown or East School District.
C&E: up to 290k, 3+bed, 2 bath, 1+ car garage, in Lakeside, Woodland, Hunter’s Park, Congdon, Chester Park, East Hillside, Kenwood, Duluth Heights.
P&S: up to 400k, rental properties in East Hillside, Chester Park, Congdon, Lakeside, Kenwood.
J.Y.: up to 160k, 3+bed rental properties in East Hillside, Chester Park, Congdon, Lakeside, Kenwood.