I wanted to share some valuable information about the real estate market. Even if you’re not thinking about buying or selling this year, the real estate market can affect the value of your home.

Now, I understand that we are only one month into the new year, but there are few market trends that we’ve seen in the first month: 

Home prices and values are on the rise! The average sales price of a home nationally went up in December by 5.6 percent, and it doesn’t appear that they’ll be changing direction any time soon. If you’ve been thinking about selling, it’s an incredible time to act.

One of the leading factors of home values increasing is the lack of homes for sale on the market. December saw the amount of homes on the market fall again - that’s 31 months in a row across the nation. Sometimes this can be a motivator for making a housing change, but sometimes it’s nice just to know where your home falls. I can run those numbers for you any time. Send me a note if you’d like to do this.

I’m also watching interest rates. Industry experts are predicting that rates will creep up as the year goes on; they won’t jump up to historic levels, but expect an uptick throughout the year. We don’t have a crystal ball, so the exact numbers are tough to come by. If you’re buying, thinking about refinancing, or considering an equity loan this year, I’d suggest acting early.

If you are thinking about selling and want to know exactly how your home will stand up in this market, I would love to go into more detail and offer a free comparative market analysis. Click the button below to register today.

Steven and Gloria