BEST TIME TO BUY OR SELL A HOME
After the year we experienced in 2017 what will 2018 look like? In the Northern Kentucky market 2017 saw a real shortage of inventory and prices much higher than we have experienced in some time. As a matter of fact some areas like Fort Thomas saw homes selling within hours of hitting the market and selling at what many consider ridiculous prices. It proved to be a best time to sell for many.
So, here we are in 2018 and what will our market look like? Most opinions I see are indicating a little more inventory, but still a pretty hot market with values increasing. This drives me to consider the timing of selling or buying a home.
The spring market usually makes more homes available so a little more competition for the seller. At that if the home is priced correctly it is still a great time to sell. Unlike the past when if you didn't sell in the spring you could have missed the market that certainly was not the case in 2017 and probably won't be in 2018.
Many considerations go into the timing of selling your home including whether children have to change schools or the desire to not move in the dead of winter. With the inventory shortage almost any time has been a good time to sell, but do your homework, get your home ready to sell, price it right and wait for the buyer.
Home buying is a bit trickier. Low down payment loans are available which helps with those who have not saved a down payment. On the other hand home prices are up substantially in Northern Kentucky so you will pay more for a home in 2018 compared to a year or so ago.
Interest rates are rising, not dramatically, but nonetheless they are going up. Lower rates make a home more affordable and tend to drive up prices. Home buyers who sideline themselves waiting for a different market or saving a bigger down payment may well qualify for less home or simply not want to budget for the higher payment if rates go up 1% or more. Much higher rates can turn a seller market into a buyer market pretty quickly.
If you are looking to buy a home take a look at your budgeted house payment and ask how that would be affected by either higher prices or higher interest rates. Now may be the best time to buy!