The housing market is turning into a phenomenal area of opportunity for those seeking turnover from their home. In the San Francisco Bay Area and across the nation, people have been reacting to the changing environment of the industry and taken advantage of recent trends. If you have been considering selling a house and feeling hesitant to take the next step, Black Diamond wants to show you what the most likely outcome will be. We have three primary reasons why you should initiate the process of selling a house before the fire dies down.
- LOW HOUSING INVENTORY:
Locally and nationally, communities have been affected by the shortage of homes. This has ultimately benefited sellers in a way many realtors couldn’t dream of. A typical market takes nearly half an annual cycle to sell the advertised homes for sale. In February, it only took about four months to empty out the average home supply and numbers keep climbing. Low supply has resulted in a plethora of offers and overbidding. These two factors have ensured that homeowners not only sell a house quickly but generate extra income from it.
- HIGH INTEREST RATES:
Despite the low mortgage rates, more buyers are expected to hit the scenes. Although, there is no sure way of forecasting the market, higher interest rates generally increase activity and build the market’s momentum.
- RISING RENTS
To many people, it is no surprise that rents are substantially increasing. San Francisco is on its way to becoming the most expensive metro area in the nation. However, variables of this sort are good for home sellers. Because of these high prices, many consumers find it more logical to own rather than rent. Nationwide, the prices of rent have increased by almost 20 percent. This has dramatically taken a toll on urban areas with high populations.