Reasons to Make Your Move This Year
We are now well into the start of 2019 and while we may—or may not—be sticking to those resolutions we made on January 1st, February marks an excellent time to sit down and make real estate goals for the coming year. If you’re considering selling your home this year, now is the time to start the discussion. On the fence? Below you’ll find some key items to think about as you come to a decision.
In the fourth quarter of 2018, Seattle saw home price growth that was much more moderate than in previous quarters over the year, shrinking from double-digit year-over-year gains to just below one percent. Market experts still expect home value appreciation in 2019, however figures will likely remain in single-digit growth. The exception comes in the luxury housing market, as Realtor.com® predicts that value of homes in this sector in the Seattle-Bellevue-Tacoma region will grow by double digits.
Interest Rates are Rising
Though interest rates still remain historically low, the Fed has indicated they will continue to raise interest rates in 2019, which will undoubtedly impact mortgage interest rates. They are projected to reach at least 5.5 percent at the end of this year, which could dampen purchases by first-time homebuyers.
Inventory is Growing
2017 and much of 2018 were marked by tight competition among buyers, as they vied for the opportunity to purchase few homes on the market. This gave sellers an advantage, as run-up bidding wars raised sales prices and often resulted in offers made with no contingencies on the part of buyers. More homes on the market means buyers will have more options in terms of homes and in contracts.
Considering making your next move in 2019? I’d love to chat.