You can see the complete Crystal Coast 2018 1st Quarter Real Estate Market Results and our Charts by clicking this link: StarTeamRealEstateReport.com

Here on the Crystal Coast, spring is one of the hottest seasons in real estate to list your home to sell. And spring 2018 is shaping up to be important for someone looking to sell. Here are a few points I’d like you to consider:

1. Demand continues to outstrip our supply here in the Crystal Coast.

The months’ supply of inventory in our market is at the lowest point today since the red-hot market peak back in 2005. Months’ supply of inventory is the measure of how many months it would take for the current inventory of homes on the market to sell out, given the present pace of home sales.

New listings of existing homes are just not keeping pace with demand.

2. Home prices are moving upwards.

In our market, home prices were up 7% in 2017 and we expect that trend to continue. It’s not just our Crystal Coast that’s doing well—areas around the country keep posting record highs for home values.

3. Mortgage rates are finally rising.

The Fed increased rate several times over the past year, and mortgage rates finally do seem to be responding. and the 30-year fixed rate is now hovering around 4.5%. While this is a four-year high, it’s still near historic lows and continues for now to make mortgages affordable to would-be buyers.

What does all this mean for you as a home seller?

First off, right now is a very good time to sell.

“If you have been thinking about selling your home, consider selling now. The current market is very favorable, but it won’t last forever.”

In other words, if you were to put your home on the market right now, you could get top dollar, and likely be able to sell quickly and with less hassle.

Second, it’s not clear how long this favorable situation will last.

I mentioned mortgage rates are on the rise and if rates continue to rise, it can drive buyers out of the market and eventually push price down.

Another thing to consider is the effects of the new tax plan.

It’s not entirely clear how it will affect the real estate market, but odds are good it will make purchasing a home more expensive. That’s because of a new cap on state and local tax deductions, which could combine with higher mortgage rates to push more buyers out of the market.

To sum up, if you have been thinking about selling your home, consider selling now. The current market is very favorable, but it won’t last forever.

Here’s how to get started. You can get a quick estimate of the current value of your home, based on recent  sales:

Enter your address here to find out what your home is worth

And if you want a more detailed estimate, or you want to get the ball rolling on selling your home while this boom lasts, give me a call at 252-422-2205. I’m here to help.

You can see the complete Crystal Coast 2018 1st Quarter Real Estate Market Results and our Charts by clicking this link: StarTeamRealEstateReport.com