Now Is the Time to Sell!
There are a few factors to consider ASAP if you’re thinking about selling your home. Indicators point toward a price slowdown in what sellers will be able to get for their homes—probably by end of 2018 and into 2019.
Zillow predicts a buyers’ market by 2019. Recent growth of homebuyers was due to low mortgage rates, steady jobs growth, and tightening inventories—which created a favorable market for sellers. According to Zillow, “As the number of homes for sale increases and home value appreciation slows, we expect the market to meaningfully swing in favor of buyers within the next two to three years.”
Moody’s has also lowered home price predictions, largely due to tax reform. A Moody’s Analytics report estimates that home prices will fall by 4% by the summer of 2019.
Until recently, homeowners could deduct interest they pay on their homes and second homes on loans up to $1 million in value. The House bill lowered it to $500,000, and the deduction’s many critics would like it repealed outright—it means wealthy homeowners in hot real estate markets are exposed to higher tax bills.
Also, until now, taxpayers could deduct what they pay in state and local property and income taxes from their federal returns. Under the new law, taxpayers can only claim a maximum of $10,000.
This all adds up to NOW being the right time to SELL!
With Spring and Summer being the busiest real estate months, it makes perfect sense to put your home on the market NOW, if you’re planning to sell. And what can help your home sell faster? The confidence and security that your house has passed a professional home inspection that ensures no worries when prospective buyers come to see it.
If you are planning to sell your home, a home inspection can give you the opportunity to make repairs that will put the house in a better selling condition. The standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.
Source: Written by Cecilia Buckles for RJ Home Inspection; additional source material from Zillow, Moody’s, and the American Society of Home Inspectors (ASHI).
RJ Home Inspection is a member of the American Society of Home Inspectors (ASHI). Please contact RJ Home Inspection to schedule a professional home inspection for your home or business: 800-253-4402 or email firstname.lastname@example.org