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With the past several years of rocky news across the country, it’s finally a pleasure to be reporting some good news. For the first time in quite some time there is widespread improvement in many local real estate markets. The Wall Street Journal recently reported that up to 20 major metropolitan areas across the United States are enjoying increased home prices and a rise in home sales. At long last we can finally see the bottom starting to come back up.
What does mean to consumers?
Strong Buying Market Ahead
Well, for starters these improvements have the most impact on sellers. Those homeowners that have been on the fence for some time now can finally consider jumping off that fence and list their home for sale. The coming fall season going to be a strong buying market as the fall usually is – but things are going to be even better given the upcoming presidential election. As is usually the case, an economic upswing typically comes to be expected during an election year, particularly leading up to the big day.
Inventory Dwindles, Demand Continues to Rise
One of the greatest factors in our changing market is the shift in inventory patterns throughout the country. We are reporting inventory levels consistently dwindling, leading to increased demand as there are fewer homes to choose from. Furthermore, as foreclosures and other distressed sales come off the market, traditional home sales are once again more prevalent in many markets. This is yet another factor that helps increase home prices.
Market Conditions Are Ripe for Buyers and Sellers
Right now, we are seeing the best of both worlds, a rare occurrence in our real estate industry. Sellers are able to receive multiple offers, sometimes ensuing in bidding wars that end up in their getting top dollar for their home. Not only that, homes are not staying on the market for very long. Meanwhile, home prices are still affordable and combined with record setting low interest rates, buyers are eager to lock in low rates.
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If all this makes you want to go ahead and jump off that fence, consider buying or selling and learn more about what mortgage options are out there – contact us today. There are many new programs right now designed to propel the housing market in an even better direction. And everyone knows that when the housing market thrives – so does our economy!
