The First-quarter of 2017 seems to be the time economists project this will happen, due to projections of additional interest rate increases.
Bottom Line: for every .5% increase in interest rate, the purchasing power decreases by 4-5%. Unless a buyer's income increases (which is unlikely) they qualify for less. As rates continue to rise home prices will fall. The last rate increase has alerted buyers to make a move before it’s too late.
My prediction: As buyers flock out in the first quarter, to lock in their rates, you will see a tick-up in pricing as they compete with other buyers holding the same interest. Once we are informed of a rate increase you will see prices stabilize making the first quarter of 2017 the best time to sell!
We would love the opportunity to collaborate on a marketing plan to sell your home.
Email [email protected] txt or call (551) 206-9264 to set up a meeting. Website RealEstateWithME.net
Maryanne is a Platinum Award-winning agent who was named as one of the top 100 most influential Realtors in the country for 2016.