Economist Matthew Gardner explains why buying now is likely your best choice. Click here to watch his YouTube video, and you can also find more of his forecasts on YouTube.
Check out this article on Realtor.com for housing trends in U.S. major cities.
Many people decide to wait until Spring to list their homes for sale. This can be a mistake. If you have amazing gardens, OK, that's a good reason. But if not, here's why it doesn't make sense:
- Homes sell all year long. Any given month, 6% of the total annual sales will likely occur. In summer months, that volume may double, but people are buying houses every month.
- There is less competition during the winter. If your house isn't one that would be featured on the cover of Better Homes and Gardens, you can benefit from less competition!
- Life changes occur and people HAVE to buy a house. Every day, someone is transferred, family members require moves, health issues happen. A buyer who HAS to move is a great buyer.
- Interest rates are low. Who knows what may happen in the spring and summer of 2014? As interest rates move up, prices become suppressed to keep housing affordable. Take advantage of today's scenario with housing prices rising and interest rates low.
- If you're waiting for huge increases in house prices, expect to wait a long time. Projections for our area are for modest growth; consider 3% per year. That is, unless interest rates rise, in which case housing price increases may flatten.
Twenty two houses went from Active to Pending Inspection from October 15-November 3 on Bainbridge Island. There aren't enough houses for sale to meet the demand. Now may be the best time to put your house on the market.
Will future home buyers value quality and features over size? Is Sarah Susanka's 15-year old book "The Not So Big House" speaking the language of the next generation of home buyers? Today's HousingWire News feature article says the Gen Y crowd (20-34 year olds) would prefer to live alone and near amenities like restaurants, shopping, theatres, than to live with roommates in a larger residence. To service that sector of the population, a new apartment complex is being built in Glendale, CA, that features dwellings of only 400 sq. ft. but is near a ton of amenities and includes a roof top deck for socialization and a separate deck with hot and cold spas and a fenced dog park. You can read the full article here.