One of the most popular predictions that people make at the beginning of a new year is what the housing market is going to do, and 2015 is no exception. Though new down payment rates from mortgage giants Fannie Mae and Freddie Mac, as well as record-low mortgage rates, make 2015 seem promising for home sales, they aren’t the only factors at play.
In Phoenix, AZ, population growth and the job market are both going to be factors in the housing market in 2015, but experts generally agree that this will be better than last year — if only slightly.
“Unfortunately, 2015 won’t be the breakout year we’ve been waiting for,” Tom Ruff, real estate analyst for the Arizona Regional Multiple Listing Service and The Information Market told AZ Central.com. “But I do anticipate higher sales volume than 2014. Prices will remain stable with only modest increases.”
The same can be said for much of the country, where hesitant millennials with heavy student loan debt are opting to rent instead of buy, and the subprime lending disaster of 2007 is still rather fresh in peoples’ minds. If you’re a seller this year, Josh Altman from Bravo’s “Million Dollar Listing: Los Angeles” gave Today a few tips for 2015. Here’s what you need to know:
1. Spruce up the Home.
It’s important to make the home as attractive and clean as you can. Adding a fresh coat of white paint can do wonders for brightening the home. Many people think of replacing cupboards or giving the interior a fresh coat of paint, but don’t forget to look down. Several pounds of dirt can accumulate in and underneath a carpet over the course of a year, which can make it dark and dingy, so make sure you get them professionally treated.
2. Hire a Realtor.
Another important tip for selling your home this year is to hire a Realtor to do it. Take your time finding and hiring the right one by interviewing at least three different candidates. Ask people you know for recommendations as well.
3. Don’t Get Emotional.
Though it’s tough to do, it’s important not to get emotional during the sale of your home. Remember that it’s a transaction, so don’t feel emotional about making changes in the home for the sale like replacing appliances, putting away very personal items, and clearing out closets.
Whether you’re a buyer or a seller this year, things do seem to be looking up.
