When's the Best Time to List Your Home in 2016?

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By all accounts, 2015 was a good year for real estate. The National Association of Realtors just came out with the figures, and home prices are up 8% here in the West. In 2016, we can expect home prices to go up again, but probably only by 4 to 5%. When is the best time of year to put your home on the market in 2016? The answer is right now. Here's why.

1. There are a lot of buyers in the market, and not many homes for sale.
   Homes typically exit the market over the holidays, and most don't return until late spring or early summer. Inventory is currently low, and buyers aren't able to find the right house. If you're a seller, now is the time to list, because fewer homes on the market means less competition for you!
2. Interest rates are historically low. In fact, right now they are lower than they were at the end of 2015! Low interest rates gives buyers more purchasing power. For example, with a $1,600 monthly payment, a buyer can afford a $350,000 house right now. If rates go up 1%, like they're projected to, that same $1,600 a month will only get them a $310,000 house. If purchasing power goes down later in the year, that will hamper sales. Right now, buyers are trying to purchase before rates go up.
3. It's an election year. During election years, housing tends to slow down the closer we get to November. People wonder who will win, what policies will change, and how will the new President shape the economy? Most buyers take a wait-and-see approach, so you don't want your home to be sitting on the market at the end of December.

As you can see, now is a great time to list your home. If you have any questions about today's video or about real estate in general, give us a call or send us an email. We would be happy to help you!