(Newswire.net — May 29, 2018) — It has been nearly a decade since the real estate market’s floor dropped out. If you have been sitting on the sidelines for the past several years wondering if you should renovate, move or do nothing, there are some signs of recovery that might signal that it is time to put the for sale sign out and move along.
Real estate Winnipeg forecasters are very optimistic about the coming year and the strides that the real estate market is making around the nation. According a Trulia-commissioned Harris Poll, as many as 2000 homeowners surveyed said that they expected to engage in buying a house in the year of 2018.
Although that might not sound record-breaking, it is up 31 percent from just last year, and only 14 percent of those asked believed that the market would be worse this year than the year before. Translation: people are ready to jump.
What the market is also seeing is a shortage of housing options sitting idle on the market. With the decrease in inventory, there will be an increase in competition, which will drive the price of most homes up and might turn a buyer’s market into a seller’s one. That could spell excellent news for many who have opted to live in their home instead of moving in.
Is it a seller’s market?
Many new homebuyers are getting frustrated by their lack of options when it comes to many of the hottest housing areas. Although springtime is usually the time for homes to fly off the market, many who were looking or anticipated a shortage got an early jump, which only further exasperated the dwindling availability.
Even as far back as the first of the year, real estate was at a shortage like the market has not seen in a long time. Last year saw as much as a twenty-five percent increase in home sales from the day after Christmas all the way into the new year, which narrowed down options even further.
Traditionally, the best time to sell your home is from March to June. After this timeframe, home sales begin to slow down as people head for their summer vacations. But, everything is anything but typical this year.
Homebuyers forgetting about the holiday and putting their festivities aside to buy a new home signals that most people won’t be deterred from house shopping when school gets out. It seems that the search for a home is trumping other major events in people’s lives, which may increase the length of time the market is hot.
Not only does this mean that the springtime rush is going to be even more hurried than in years past, but it also means that it will probably extend well into summer, if not roll right into the fall market as the weather begins to cool and families look to settle in before the winter.
With a seller’s market, many who are putting their homes up are not only seeing a sold sign on their front yard, but are also getting their asking price…or getting higher. With prices topping like they haven’t in a very long time, builders are looking for more land to acquire and considering putting up new homes across the nation.
Although there are many options to choose from, it doesn’t really seem like anyone is suffering much besides the buyer who better make a quick decision or risk being left without options.
What’s the best news?
The best news, for those who are in the market for a new home, is that interest rates remain historically low. They have risen slightly to accommodate a growing economy, but there has been no major hike to stop new home buyers from looking around and trying for their first home mortgage.
The average 30-year fixed rate is still at just about 4.17 percent, and economists predict that if the rates do rise, the interest rates won’t total more than 5 percent by 2019. They predict rates will, at the most, be 5.3 percent, by 2020. The increase in mortgage rates is a good sign all the way around. They won’t be nearly as high as they traditionally were, but the slow incline is a good signal that the economy is gaining momentum and strengthening.
When people feel good about the economy, they are more apt to make large investments like buying a home. All of these factors are shaping up to make for an incredible year. This year looks to be the best time to sell if you are looking for change and want to find your dream home.