People in Delaware who are selling their homes in 2016 should be aware of some of the current trends that are affecting the housing market. Understanding what the market is like and what factors are influencing buyers’ decisions could help people to determine how to price a home that they are selling.
One of the most important things to understand about selling a home in 2016 is that it is generally a seller’s market. House prices in most regions of the country have recovered from the financial crisis of 2008. After home prices hit bottom, they have been going up each year. Certain housing markets, especially those areas of the country where there are a lot of jobs, are seeing record prices for homes. If a home is being sold in an area with few economic prospects, prices are not likely to have recovered as well.
While selling a home in 2016, it is also important to remember that mortgage rates could be going up. Over the past few years, low mortgage rates probably contributed to the rise in home prices. As the Federal Reserve begins to increase interest rates, rising mortgage rates could make it more difficult for potential buyers to secure financing.
Many people who are planning to sell a home in 2016 are unfamiliar with the process. A real estate law attorney may be able to provide assistance to a person who is selling their first home. An attorney may also help with other real estate transactions such as leasing a property or applying for a zoning variance.