TheNational Association of Realtors(NAR) released their latestQuarterly Metro Home Pricereport earlier this month. The report revealed that home prices are not only continuing to rise but that the increases are accelerating. Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:
"Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead.”
Here are the percentage increases of home prices for the last two quarters:
What this means to sellers
Rising prices are a homeowner’s best friend. As reported byCoreLogicin a recentblog post:
“With demand strong and inventory thin, the share of homes selling for the list price or more has also returned to pre-bust levels. With inventory tight, homes are more likely to sell above the asking price.”
What this means to buyers
In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year. However, asConstruction Divereported, the amounts of cash necessary to buy a home will also increase.
“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”
If you’re thinking of selling and moving down, waiting might make sense. If you are a first time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.
Author:Tim Walsh Phone: 703-447-2236 Dated: February 26th 2016 Views: 249 About Tim: I work full time in Real Estate. We created Your New Home Team to focus our energies in creating smo...
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"I have known Tim and Ayda Walsh for several years and have witnessed the fact that they are of the highest integrity. They honestly share both the benefits and challenges of any property purchase. In addition to years of service in the local markets, they research national markets, and they are thoroughly knowledgeable about the buying and selling processes to help you avoid pitfalls. They also have developed high-level technology to keep both buyer and seller easily current on the status of any sales or purchasing efforts. They have the marketing tools to help sellers, and they are backed by a world-renown company. If I were buying or selling a home in their market, I would choose them without hesitation and without looking for other realtors. Also, I value my own reputation greatly, and I would not recommend them, if I had any hesitation, knowing that my words reflect on me, as well as on them. You will be happy you chose them to serve you in finding a dream home and/or a great investment!