Tuesday, January 5, 2016

Selling a home in 2016? Here's What you Need to Know


 Selling a home can be a stressful experience.

If you expect to put your home on the block at some point in 2016, here are some key factors for you to keep in mind before you address issues and concerns to make the best possible deal.

It's a seller's market ...
 
Many homeowners remember the fallout that the housing bust had on real-estate prices. Even though most investors think of the financial crisis as having hit its peak in 2008 and early 2009, it took three more years for home prices to hit bottom. 

Yet since early 2012, prices have climbed higher, and the Case-Shiller National Home Price Index is coming within spitting distance of matching its highs from 2006 and 2007. 

Where you live is a key factor in determining just how much of a seller's market you can expect. Hot markets like San Francisco have seen some housing-boom-era practices return to favor, with many reports of bidding wars that result in offers well above the asking price. 

By contrast, areas where economic prospects are less favorable have never fully recovered from the housing bust. The more lucrative a region's economic future appears to be, the easier you can expect it to be to sell a home. 

... but mortgages could get more expensive
 
One key factor in how much sellers receive for their homes is how much buyers can afford. Low mortgage rates have helped fuel price increases in recent years.

But some now fear that with the Federal Reserve having begun a new cycle of rate increases, a move higher for mortgage rates could make homes less affordable. 

So far, the tiny quarter-point boost that the Fed made in mid-December hasn't pushed mortgage rates appreciably higher. Historically, though, tightening has generally led to increased rates on mortgage loans. Sellers need to be prepared for greater difficulty for prospective buyers trying to get financing.



1 comment:

  1. Are you looking for a business loan, personal loans, mortgage loans, car loans, student loans, unsecured consolidation loans,project funding etc ... Or simply refuse loan from a bank or financial institution for one or more reasons? We are the right solutions for credit! We offer loans to businesses and individuals with low and affordable interest rate of 2%. So if you are Interested in an urgent and secured loan. For more information kindly email us today Via: elegantloanfirm@hotmail.com.



    ReplyDelete