2016: The year to sell your home

The latest forecast from CNN reveals that sales of single-family homes will rise again in 2016, and median sales prices should be up 3% to 5%. While there may be a slight rise in mortgage rates, 2016 should be a seller’s market for real estate. So if you’re thinking of selling, there is no time like the present. Consider the following benefits to listing your home in 2016.

Improvement in the job sector. According to the National Association of Realtors, new home construction is currently lagging behind job growth in nearly two-thirds of metropolitan areas in the U.S. There are also more people considering the housing market as a result of continued improvements in the job sector and economy as a whole. As a result, existing home inventory will be in demand.

Rising rental rates will motivate first-time buyers. Across the nation, rental prices have risen 15%, and they have also increased faster than income in all but four of the 70 metro areas, making buying more attractive.

Tax benefits currently favor the seller. The average taxpayer will continue to benefit from claiming an exclusion on capital gains for the sale of a personal residence in 2016. As long as the sale is for a primary residence, single taxpayers can exclude up to $250,000 in gains from the sale of a home, and joint filers get an exclusion of $500,000. In order to qualify, you must have lived in the primary residence for 24 months during the last five years.

Considering the state of the economy, job forecast and rental market, 2016 will be a prime time to sell your home.