I always hear about why selling a home is a good idea via various real estate press outlets at the end of every year. Well, this year things have changed and the trend in 2017, specifically within Walnut Creek, California, is to buy during 2017. Yes, the market is going to be strong enough that many people in the real estate industry are discovering a climate that will be ripe for buyers to take advantage of amazing deals.
Since there will be a change in Presidents, the market will shift and there will be an increase in some interest rates. Because of this factor, many people will look to buy homes in the first quarter of 2017 to avoid a home loan with a high interest rate. Locking in a lower home loan rate right now, which averages around 4%, is a very good idea. No one wants to pay more for a home simply based on politics.
Less inventory is also going to factor in to why people want to buy in 2017. Options will be limited. Right now we are seeing about 16% less inventory than this time last year. This means more and more people will have to compete for their desired home – their dream home. With low inventory and a demand to buy, especially with rates going up, people are going to get competitive and inventive with their home offers. Buying an investment property right now may b e a good idea, too.
Upgrades, move-in ready, turnkey options. In years’ past, many people had to buy and then renovate homes. This will not be the case for 2017. There are many people who will buy buying homes that have been well taken care of or already upgraded to meet the standards and trends of today’s real estate market. A fixer upper usually is good idea because it means built in equity, but there is something to be said for the demand of turnkey and ready-to-move in homes that are coming onto the market.
If you’re looking to buy in 2017, know that your options will be limited because others will want to buy too. Remember to take it slow, but bid on what you want, as the price of real estate will go up as we get deeper and deeper in 2017.