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Home Seller Update For Spring 2017
Currently there's a perfect storm that's making THIS the best time in years to sell your home.
1. Interest rates rose sharply after the election but have since stabilized. This had the affect of making potential homebuyers consider moving sooner rather than later. Since rates have cooled off right around 4%, many buyers are trying to buy a home now rather than wait until the Fed raises their rates a couple more times this year.
2. Inventory is near record lows. Just take a look at this chart which tracks the months of inventory over the past three years in the region:
We were only at 2.4 months of inventory last month. In other words, all those buyers trying to take advantage of low interest rates don't have many options so the odds of selling your house on your terms gets better.
3. Consumer confidence is high and area unemployment remains low, with the average unemployment rate in our area at about 4%.
This means if you're thinking about selling your home, if it's properly staged and marketed, you can command top dollar and sell on your terms. Whether you need to sell quickly because of a job transfer, or you need a little more time to find your next home, you will probably be able to sign a contract relatively quickly and with the conditions you want.
Average sales prices in April were up 7.9 % in the region over the previous year. Some local markets fared even better with Chapel Hill's prices up 10.2% year over year.Increased demand + decreased supply = More money for you! If you want to know what your home could be worth, give me a call today and we will set up a meeting.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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