2017 Real Estate market predicts to be a hot one nationwide
The year 2016 has been a great year in real estate. Buyers flocked to the residential real estate market, sellers received top dollar for their homes and homes sold at a faster rate. Statistics from the National Association of Realtors show an average of between two and three percent growth of existing home sales nationally in September and October 2016. These numbers are the highest we have seen in nearly a decade.
United Country Real Estate saw even more growth than the national statistics in residential sales. September numbers show a growth of 16 percent while October sales for United Country affiliates grew 13 percent compared to the previous year. Final numbers for November and December are expected to show similar growth.
“We had a number of business units do very well, but our residential sales did exceptionally well in 2016. To say that we are pleased that United Country offices produced 8 times more growth in residential sales than the national average would be a huge understatement,” said Chief Operating Officer Doug Adams. “It’s a true testament to the incredible quality of brokers, agents and auctioneers that we have in our system. ”
Forecasts for 2017 predict another hot year for existing home sales. Currently holding steady with over 5.6 million in 2016, NAR is predicting home sales to reach 6 million in 2017. This is due to Generation Y emerging into key buying years. Top markets predicted will be in the Northeast states and into Colorado where robust economies and growing populations keep the demand high for homes.
“United Country typically experiences a very strong real estate market the year after a Presidential election. The fact that this will be a post-election year, we are rolling out a state-of-the-art technology tool in the first quarter of 2017, we appointed 60 new franchise affiliates in 2016 and interest rates continue to remain historically low, we anticipate our offices will have a very good year in 2017,” said Adams.
It’s been a seller’s market in 2016 with many buyers ready to make a deal. Mortgage interest rates are low and there are more buyers than sellers, causing residential sales to soar. If you’re looking to sell quickly and make top-dollar, now is the time to do so. With a few simple, low-cost tweaks, you can walk away from the sale with even more money in your pocket in a shorter amount of time.
- Improve your landscaping. Add a splash of color with a few flower beds or potted flowers and vary the height of plants. Make sure all your hedges are trimmed and there is an easy, clean walkway to your front entrance. Add a nice focal point like a fountain to add major value.
- Do small bathroom and kitchen renovations. Get a new vanity in the bathroom and/or replace countertops in the kitchen. You can also brighten up your kitchen by sanding and painting your existing cabinets.
- Deep clean. Make sure everything inside and outside shine. Spray down the paneling on the outside and clean the windows on the inside and out. Make sure there is no clutter in the house and everything is cleaned thoroughly.
- Paint. New paint can make a room seem brighter and new. Use contrasting colors on the trim and don’t forget to pain the ceiling.
- Inspect the nitty-gritty. Hire an electrician and plumber to provide a thorough inspection on the entire home. They can fix any loose wires or water leaks. This lets a buyer know that the house has been properly taken care of.
- Replace or restore old carpeting. A professional carpet cleaner can make a carpet look new without a big cost. If the carpet is too worn, consider replacing the old carpet or strategically place neutral colored rugs.
- Depersonalize your space. A family looking into buying a new home wants to envision themselves living in the home. Neutralizing the home by packing away family photos and personal information off things like the refrigerator will allow the family to see a blank slate.
- Consider staging. A professional can guide you on how to stage your home in order to make it more appealing to a buyer. Small details like adding décor, shifting furniture to make rooms feel larger and switching out drapes can make a big difference.
Overall, the return on investment you’ll get from small improvement projects will vary depending on the value of your home, the value in your market and how soon you sell after making the updates. Remember, your goal is to make sure your house puts its best foot forward without breaking the bank.