Richland Real Estate Market Update – Winter 2018
In our decades of being leaders in the Richland real estate market, we can't remember a time when consumer confidence was so high, interest rates so low and inventory of homes in the $150,000 to $250,000 price range (the market majority) almost nonexistent. These combined forces are creating an unparalleled demand for available homes.
Team Clancy is communicating with everyone and anyone who will listen, enlisting their help to inform family, friends and co-workers the time to enter the market is NOW. Despite the number of buyers perusing the market, many sellers have expressed reservations because although they wish to make a move, they are locating few homes to consider for purchase. This, coupled with the rising home prices, is preventing homeowners around the country from listing their home for sale. The truth is, the owner of THEIR future home has the same dilemma. For there to be a surge in inventory, allowing the buying cycles to reset, homeowners must take a leap of faith and list their home for sale! As it only takes one to start a trend, we invite you to take action now. Your plunge may spark market activity for enhanced buying and selling alternatives for many – including you!
There may also be benefits to selling your home early in 2018 as we are currently in a seller’s market. To homeowners, this means there may never be a better time to sell your home. However, this window of opportunity may soon be a thing of the past. Here’s why you should take advantage NOW:
Historically low rates
By historical standards, interest rates are low. The 30-year mortgage rates - hovering right around four percent - are drawing buyers into the market. However, it looks as if the rates may reach five percent before year’s end. With this in mind, serious buyers likely won’t wait to purchase a home as it may result in a more expensive purchase for them.
Low inventory and high demand
Low inventory, expected to reach a four percent year-over-year decline by March (realtor.com), if forcing some buyers to go to great lengths to secure the home of their choice. As a seller, this can only benefit you as you may now encounter bidding wars either pushing up the price of your home or submitting an offer with pro-seller terms.
Great economic conditions
The current economic conditions - low unemployment, record numbers in the stock market, the doubled standard deduction as a result of the new tax legislation, growing incomes, better and more stable jobs and more – are putting more money in people’s pockets. What does this mean for you? With more money in their pocket, the turnout from buyers looks to be promising in 2018.
Millennials are entering the market
Previously crippled by student debt and rising home prices, it now looks like the Millennial generation is ready to jump into homeownership. Experts from Realtor.com predict Millennials will account for 43 percent of home buyers taking out a mortgage in 2018 - a three percent increase from the previous year.
Sell now and capitalize on your greatest financial investment before the window of opportunity closes and you have to compete with the increased number of sellers on the market this spring!
What is your home worth and how can you prepare it for the market? Give Team Clancy a call today! We would be happy to help you with both!