The housing industry is still in recovery mode. However, many of the cities across the United States are experiencing pricing appreciation like they haven’t seen in years.
Add to this the low interest rates and lack of inventory, and you’ll find this to be the right combination for sellers who are wanting to put their homes on the market.
Increase in Home Prices
As the economy gets stronger, the need for jobs and housing becomes even greater. Fortunately, home prices have also seen a dramatic gain, making it the ideal time for a homeowner to finally obtain a sufficient amount of equity out of their dwelling.
While the past years housing slump may have shaken the confidence of many a seller, the recent upswing has spread excitement for those individuals who are looking to finally get a fair price for their home.
Dependent on the area where you live, the housing market has also seen a significant decline in the number of foreclosures. This makes it quite favorable for a seller to obtain more money for their home.
Inventory is Low
The pool of housing inventory is still currently low, making it an ideal time to get the right asking price for a dwelling.
It has also caused the housing industry to see more than one offer come into play on a listing. If your home sits in a desirable location, your listing could be even more popular among today’s buyers.
Today’s young adults are college educated and making up a large percentage of the cities workforce. They are also realizing the importance of making their money work for them by putting it to good use. This means that there are more serious buyers out in the world today who are looking to own a home, rather than waste money with renting an apartment.
In order to strengthen the economy, the government has decided to keep the interest rates at record lows. This makes it the opportune time for buyers to get a mortgage that they can afford.
The mortgage industry also has an assortment of programs that are available to suit a buyer’s needs. From FHA and VA to conventional and ARMs, taking advantage of the right mortgage program has never been so easy.
The housing process today is also more streamlined and easy to put together. Most buyers are also pre-qualified and have already gotten the mortgage process under way before they even start to look for a dwelling. This makes the transaction less of a hassle and brings only serious and qualified buyers into play.
It’s the Perfect Time to Upgrade
If you’ve been biding your time until the housing market has recovered, you’ll find this the ideal time to upgrade. As sellers are finally able to experience significant equity out of their dwelling, they’re now able to take advantage of upgrading to a larger home.
This is especially helpful for families who have outgrown their current digs and are in need of additional room and storage space.