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Demand is still rising!
August 6, 2018 | Ken Rosengren
As the real estate market continues to move down the road to a complete recovery, we see home values and home sales increasing while distressed sales (foreclosures and short sales) continue to fall to their lowest points in years. There is no doubt that the housing market will continue to strengthen throughout 2018. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Do homeowners realize demand is so high? With home prices rising across the country, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000! The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices. The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days. With the lack of demand the one other trend we see happening is the interest rates continue to climb back out of the all time low they fell to in the last few years. Creeping back up into the 5% makes now the best time to buy or sell if you are looking to same money in the long run. Home values are staying around the same right now as the market is starting to flatten out, although homes in the first time home buyers category continue to rise in value because of the lack of inventory. Waiting to buy or sell a house could be a costly mistake for you since not only the will the housing costs and values continue to rise but the interest rates will continue to go up alongside the value. The following chat provided by Keeping Current Matters shows the value in equity that homes on average have go up by in the last year. Use that equity to cash out your home and get into your next dream home before the interest rates skyrocket again and the home values are too much to afford.
If you have any questions about what your home is worth check out the rest of our website while your here, or give one of our many agents a call. We would be happy to discuss business with you or anyone you might know who could use a trusted real estate agent in their back pocket!