Reports from the first quarter of 2017 show now is the best time to sell a home in 10 years. Housing markets have recovered from the recession, home prices are up, and home builders are having a hard time keeping up with demand. If you've ever considered selling, now is the perfect time to place your home on the market.
By the Numbers
Nationally, sellers are seeing an average of $44,000 in gains right now and home prices are up 13%. In Utah, median sale prices also reached an all time high of $295,000. Homes are on the market for shorter amounts of time, in some of the fastest-selling areas around the country they're only on the market for about 3 weeks. While these are statistics and not guarantees, they show much growing home values are impacting the market and making it a great time to sell.
Buying in a Seller’s Market
If you're looking to buy in this market, it's important to have patience and use a real estate agent. National online listings don't capture the entirety of the local market, and a St. George real estate agent can help you get the best local deal. The profit you make from selling in this market can really help towards the down payment of a new home.
Or Use the Equity Towards a Second Home
Another option would be to use the growing equity in your current home to buy a vacation home or condo in St. George. A home equity loan can be easier to secure than a second mortgage, and can provide a lower interest rate. And when you are not using your vacation home, you can rent it out for additional income. You could also look into an investment property to rent out year-round, which can provide significant tax benefits.
Understanding the current state of the real estate market can help you make the best financial decisions for you and your family. Use the tips above and give us a call to talk about how you can take advantage of the current economic climate.