I’ve been getting a lot of questions about the 2015 housing market. Many have been asking my advice, in particular those with investment properties who have been waiting out the downturn. Here are my predictions/best strategies if you are considering a move or home sale next year!
2015 Housing Forecast: For Sellers
Predictions for 2015-Impact of Rising Interest Rates
Refer to my blog post about 2015 home loans (Read it here:http://yourexecutiveneighbor.wordpress.com/2014/11/24/2015-mortgage-market-forecast/). Rates are projected to be 1% higher a year from now and this results in an 11% loss in buying power.
As a result of this, I think the majority of home sales are going to be push forward into the first half of the year, as buyers will try & capitalize on lower interest rates. If we see a repeat of 2014 trends next year, homes listed in the summer & later will see lower or stagnant sales prices and longer market times.
“When Should We List?”
Hit the spring market from the start: 1st Week of February. Be among the first homes available to buyers who *have* to move by a certain time frame (these are typically renters with a lease that will end – typically 4/30 or 5/31). Capitalize on their sense of urgency. Capitalize on lack of inventory/limited inventory.
Are Home Values Back?
I’m seeing many valuations substantially better than they were 3-4 years ago. I will say that this doesn’t apply to everyone or every property; but chances are it’s better now then it was a few years ago.
I recently closed a client’s home for $481,500. During the recession, it was valued between $375-400K.
I just assessed another client whose home we couldn’t sell for $285,000 3 to 4 years ago; Now, units in their building are trading between $315-340K.
What’s My Home Worth?
Contact me today for a free home value report. I’d be happy to provide a real-time value on your home and help you decide if it’s the right time to make a move. Reach me via cell (773-517-6585) or email (email@example.com).