Are you Thinking of Selling This Year | Home Buying Season Heading Into High Gear


Home buying season heading into high gear – Central Valley Business Journal

SAN JOSE — The new year will be a seller’s market for real estate according to

“The 2016 housing market is forecasted to be mainly a seller’s market, filled with increasing home prices, relatively low inventory and fierce competition between buyers,” said Jonathan Smoke, chief economist for

Tips for buyers include being ready to buy early in the year as buyers who start their search early face less competition with nearly the same number of homes available as later in the year. Buyers should also comparison shop for mortgages, and consider a new home.

Mortgage rates are expected to reach 4.65 percent and could rise 3 percent in 2016. New homes are expected to grow more rapidly in 2016 than the supply of existing homes.

Also buyers in the Midwest or South may have more luck as more markets in those regions are expected to have higher inventories.

Home sellers should try to list during peak season to maximize their price. Prime home buying season begins in April and reaches its peak in June, according to analysis of home sales.

Sellers should also be careful to price their house to the market. Offering incentives can also help a sale move more quickly. Also if your house is in California, price will be higher.

Sellers can see big gains in prices in the Stockton-Lodi; Bakersfield. Fresno, and San Jose-Sunnyvale-Santa Clara markets.


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