3 Reasons why we are in a seller's market.
One thing is clear in 2018; IT IS A GREAT TIME TO SELL YOUR HOME.
Maryland and Northern Virginia market has seen a steady increase in home prices, but now we are having record low numbers of homes for sale.
Here are the 3 reasons;
1. Low numbers of homes on the market.
Buyers are having a hard time finding a home. Home choices are limited, and buyers are going to great lengths to win a house. Bidding wars and other seller favorable terms are back.
2. Demand and prices for homes continue to go up.
With the economy growing and unemployment going down this could only mean one thing- Millennials are looking for homes. Often crippled by student debt, Millennials have been especially hampered by rising interest rates and high home prices. Now with the improvement in the economy, many are now looking for a home.
3. Interest rates are still low.
Interest rate still hovers around 4% for a 30 year loan. This is still considerably low when you compare to rates from the past. The good news is that buyers can still get find a mortgage at affordable terms.
