As we predicted in an earlier blog post, we think mortgage rates will be increasing over 2018. As a matter of fact we have already started to see this and rates are UP to around 4.25-4.5%. This is important as this impacts what your mortgage payment will be at the least depending on your situation.
As we review the data from January 2018 we are seeing some signs that things are picking up pretty quickly in this new year. For example in ALL price ranges in the TRIAD MLS system:
-the AVERAGE Sales Price was $180,000, up from $173,000 a year ago
-the number of new listings is up month over month
-average days on market is up to its highest level since March 2017
-months supply is up month over month, and
-the percentage of list to sales price is down to 97.3%
All this means is that now is the time to enter the market if you have been considering it. We think 2018 will be a strong year, however as we get closer to spring and the number of homes on the market increases, competition will increase meaning a seller could be in a less competitive position.
Do you go to the doctor on a regular basis for a check-up? Do you meet with your financial advisor on a regular basis to make adjustments as necessary? Do you go through an annual review at work?
Have you ever thought about a simple home valuation check up? Where are you positioned in the marketplace? Are you considering "updating" your home or would you be better off to sell it? Shouldn't you know what your valuable asset is doing for your financial position?
Touch base with your professional REALTOR today - in these market environments, it is important to stay abreast of your financial position.
If you do not have a professional and experienced REALTOR, reach out today for a "no strings attached review".