Kitsap Home Inventory Remains Low
I’d like to give you information on selling your home this is an important message for home sellers.
There are several things coming together that affect Kitsap Home Prices right now:
- Housing Inventory Remains very low
The total number of homes on the market fell about 10% in the last quarter of last year.
This is a big drop, and is part of a consistent pattern of very limited and decreasing housing supply.
The fewer homes on the market, the easier it is to sell and higher the price you expect
- Buyers continue to look for homes
In spite of the low market inventory buyers continue to look for homes.
This could be due to the recent growth in income and job stability.
Lending standards are loosening and make homebuyers eager to take advantage of low mortgage rates.
- New Tax Reform will impact the Market
The Federal Government recently passed Tax Cuts, overhauling the tax code.
It’s still unclear how this will affect the real estate market. There are several changes that do not favor home sellers.
The National Association of Realtors now project slower growth in home prices in 2018.
Doubling the standard deduction, Congress significantly reduced the value of mortgage interest and property deductions as tax incentives for homeownership.
No changes are made in rules for capital gains for home sales, which is good for sellers.
Now is a very good time for home sellers……..Thanks to the shortage of homes for sale, eager buyers and high prices.
Higher prices, higher tax areas will likely see prices decline as the result of mortgage interest and taxes.
If you are looking to take advantage of the present market to sell your home, simply give us a call (206 842 8421 or 360 697-9966) or email Penny@TheOrginalPenny.com. Visit our web site at TheOrginalPenny.com.
Serving: Bainbridge Island, Poulsbo, Kingston, Silverdale, Bremerton, Port Orchard, Port Ludlow and everyplace in-between.