New data from realtor.com shows there was 11 percent few homes on the market than last year. Fewer home on the market has caused a 9 percent bump in price listings over the past year, with a national median at $275,000 and the national median age of inventory at 60 days. Could it be time sell with inventory down and prices high?
This inventory predicament has the potential for substantial profits. If one introduces a property on to the market at a competitive price in an area of great job growth the profit margins increase because of rising costs would-be purchasers have to rush before opportunities are gone due to lack of inventory. This climate could cultivate multiple offers and the potential for bidding wars that would drive up the price.
The 30 year fixed mortgage rate has jumped by more than half a percent since President Trump’s election, and probably will climb to 4.7 percent by the end of the year. If rates keep climbing then the pool of buyers will shrink, which could discourage buyers from selling because they might have to take out a more expensive loan to make their next purchase. So, with the current market climate and projected rate increases it would appear that now more than ever is the time to sell.