If you’ve already decided that this is your year to sell, you’ve probably been monitoring the housing market and enjoying the steady price appreciation that the last few years have brought to most parts of the United States.
That appreciation is projected to continue through 2017—albeit not as dramatically. The National Association of Realtors’ Senior Economist Joe Kirchner says that, “Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016.”
Part of the issue, according to Kirchner, is that interest rates will likely go up to 4.5 percent, driven by inflation.
The rising interest rates reduce the buyer pool somewhat, which isn’t good for sellers like you. On the other hand, with some homeowners changing their mind about selling (as they wait for prices to move up again), inventory may go down, and your house may become the plum that the remaining buyers are seeking.
As always, remember that in the final analysis, it’s your local market that determines how quickly and profitably your home sells—and there’s nearly always something new happening there, with or without a new calendar year.
As Las Vegas-based Realtor Rob Jensen (who contributed to the recently issued second edition of Nolo’s book Selling Your House) explains, “You’ll want to look carefully at your nearby competition including new builds. Some people would rather buy a new home than a resale, so you are competing with new construction as well as resale homes. Comps tell the past of what has sold, but what’s for sale now? Regardless of how special or amazing your home is, buyers have choices, so do your best to look objectively at all the competition.”