What to expect if you are thinking of selling your Phoenix AZ house in 2018?
Welcome to 2018! If you are thinking it is time to sell your home in 2018, here are some things to expect.
Millennials will start to own
According to realtor.com, millennials, largest generation in U.S. history reaches that sweet spot in their 20s to 30s when they’re settling down and starting families, they’re particularly motivated to buy. Millennials could make up 43% of home buyers taking out a mortgage by the end of 2018, up from an estimated 40% in 2017, based on mortgage originations.
Mortgage rates are on the rise
According to bankrate, mortgage rates expected to increase in 2018.
Here are several predictions from the largest housing and mortgage groups for the 30-year fixed-rate mortgage:
– The Mortgage Bankers Association predicts it will rise to 4.6 percent in 2018
– The National Association of Realtors expects it be around 4.5 percent at the end of 2018
– Realtor.com says the rate will average 4.6 percent and reach 5 percent by year-end
Inventory is everything
Inventory had been increasing from a year ago. In Phoenix, there were 21,622 single family home new listing in 2017 compare to 20,915 in 2016. At the same time, more homes were sold in 2017 compare to 2016. In 2016, there were 17,295 single family home sold in Phoenix compare to 16,303 in 2016.
Although we will see more in balance market in some areas, if the house is move in ready and is priced competitively, chances you will see a multiple offers situation bidding war going on too.
Sweat the small stuff and start early
Home sellers can do several simple things to enhance appearance, increase buyer interest and boost their home’s value:
– Renew smart: Instead of whole house renovations, do light makeovers everywhere, with an eye on the kitchen and bathrooms.
– Clean, clean and clean: Scrub floors, baths, kitchens, windows and walls, and be sure to clean, vacuum and deodorize rugs.
– Depersonalize, declutter: Show the live-able space, not the contents. Keep family photos, kids’ school papers and art, and store bulky and worn furniture. Organize your closets to make them look half empty.
– Brighten up: Think bright and cheery. Open drapes and add brighter light bulbs in dark areas. Repaint where needed but use neutral colors.
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