ThomasRiddleGroup

ThomasRiddleGroup

Will 2017 Be a Buyer’s or Seller’s Market?

Buyers Road and Sellers Lane signsA common question as we enter the new year is “Will next year be a buyer’s or seller’s market?” Most economists agree that 2017 will likely remain a seller’s market. In some of our neighborhoods, the answer is obvious — we have been playing “catch up” on inventory all year. I expect the New Albany market to continue to skew toward sellers well into 2017, even with an uptick in mortgage interest rates. There are several pockets where inventory levels remain higher, primarily the +$1M market, that might be classified as a buyer’s market.

The National Association of REALTORS® defines a seller’s market as one with less than a 6-month supply of homes for sale. A balanced market will have a 6- to 7-months’ supply of homes for sale, and a buyer’s market generally has an 8-month supply or more. Supply varies from community to community as seen in the table below (based on inventory/trailing year sales as of 12/20/16):

Neighborhood Months’ Supply of Homes for Sale

[table id=2017-inventory /]

Where Will Mortgage Rates Go?

The consensus seems to be that mortgage rates will rise from the historically low interest rates we’ve enjoyed for the past eight years. In fact, we’ve already started to see an increase. When the Federal Reserve raises its rate, it inevitably puts pressure on rates that lenders charge for mortgage interest. We don’t believe the rates will increase to levels where affordability will be substantially impacted.

Key Takeaway for Sellers: If you are planning to sell your home in the next two years, 2017 is likely to be the better year in which to do so. Call us for more info: 614-939-8944.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email
Recent Posts
Get in Touch

Have questions? We’re happy to help. Ask us here and we’ll get back to you right away.

Compare listings

Compare

Get Started With A Free, No-Obligation, Market Analysis.

As full-time and fully dedicated real estate agents, our sole focus will be on your sale and your happiness. We will always be a call, email, or text away to advise you as needed.

Note: Please be assured we will use this information only to send you the information you have requested and we will never share or rent your contact information with any other party. By giving us your name and email address, you are giving Thomas|Riddle Real Estate Group permission to contact you.