What do buyers and sellers need to know to be smart about the housing market through the end of the year and for 2017?
“2016 has largely been a seller’s market – low inventory and some fierce competition among buyers for those properties,” says Sylvia.
That means for buyers, you need to be prepared to be flexible, and to move quickly when you find a home that meets your needs. Shop around for a mortgage, and have your pre-approval in hand when you want to make an offer. Because of the housing shortage, you may want to consider new home construction, which can also help eliminate the potential of facing a bidding war. If you are considering buying a home, start now. Begin the loan approval process so that when 2017 hits, you’ll be ready to strike as a fresh round of inventory hits the market.
If you’re thinking about selling, there are a few tips to keep in mind to maximize the profitability of your home sale. First, list during prime-buying season: typically April though the summer, peaking in June. Price your home to sell from the start. You only get one chance to make a first impression, and turning off buyers with your price might turn them off from your listing for good, even if you drop your price later.