For people who wish to sell their homes, predicting the property market seems impossible. Even psychics and fortune tellers don’t always know what the future holds for the industry — but you can make predictions based on what happened in the past few years.
And it seems this year, 2016, is a perfect time to sell your home, according to both regular and flat fee realtors.
Increasing Demand, Decreasing Mortgage Rates
For starters, demand for homes has increased in recent years even if house values continue to climb up across the United States. Mortgage rates are reaching historic lows as well, making mortgages more affordable for potential buyers.
This year is also an election year in the US. There are talks that interest rates will rise even higher as well as compared to the numbers in December 2015 — the first time interest rates increased since 2006.
Home Purchase Sentiment Index
This improving financial picture drove many property owners to believe that 2016 is a perfect time for home selling, according to the latest Home Purchase Sentiment Index by Fannie Mae.
According to the survey, the number of property sellers who had higher incomes rose to 9 percent in December 2015. The increase occurred, thanks in part to consumers’ income increase, coupled with a 3 percent increase in job security confidence, as well as a 4 percent increase in the belief that now is a good time to sell a home.
PSP Strategy for Home Selling
With that, 2016 truly is a perfect time for a home sale. Before you take advantage of this upswing in seller confidence and start listing your home, however, it still pays to use the PSP strategy for home selling.
The PSP strategy involves effective pricing, staging, and promoting. With all other things equal, a well-priced home will sell faster than an underpriced or overpriced home. Get the help of a real estate listing agent to help price your home realistically. It’s also important to stage your property so that it appeals to the majority of buyers, then promote it through word-of-mouth or through a real estate agent.
No one knows for sure when the best time to sell a home is, but it seems it’s worth considering to put your home on the market this 2016.