Real Estate Market Trends During Winter
The winter has been known to have tempered expectations when it comes to the real estate market. The cold weather has been known to cool the buying and selling activity along with it. But that doesn’t mean that all hope of buying or selling a home is lost. If you’re vigilant and work with a real estate professional, there are ways to stay on top of the market trends so that you can put yourself in the most advantageous position for success. Here are a few trends to look out for this winter:
Carry-Over: Since supply has been unable to keep up with the demands of the 2017 real estate market, it’s rational to guess that there will be some carry over in the first months of winter. It’s pretty safe to assume that prospective buyers who started looking in the Fall are going to continue their search, just as a seller would not want to take a home that didn’t sell during the Fall off the market just because it’s Winter. Look to take advantage of this carry-over as much as possible.
Rising Interest Rate: The Federal Reserve has already raised interest rates twice in 2017, so you can expect them to rise again sooner than later. This could result in the cost of ownership going up, and while it may not go up very much, those increases could be enough for buyers and sellers to navigate the market with more urgency.
Prices Going Up: Again, because of the increasing demand, we’re currently in a seller’s market. Anytime that happens, prices go up. The median home value in the US is currently somewhere around $203,000. That price represents a 6.5% increase from the year before, with an additional 3% further increase over the next 12 months. This is definitely something to consider if you’re looking to buy or sell a home sometime soon.