Housing Market Snapshot is kind of like what a wise man once said; none of us has a crystal ball, but we do have he next best thing – AND THAT IS DATA.
Lots of data here about the housing market. All of it positive.
+ Home prices expected to rise in the entire nation, about 5% in our area.
+ Year over year sales up.
+ Inventory down, which is supporting price increases almost everywhere.
+ Prices are still not up a lot in most of our area. About level with 2014 and 2015. That is changing.
So giving this the old WIIIFM? (What Is In It For Me) test, here are what I see as the implications for buyers and sellers in our area.
With the hyper low interest rates, now is the best time we will probably see for the rest of our home buying lifetimes to make that first home buy.
Likewise, for people thinking of a move up buy, the combination of relatively level prices and low interest rates make this the best time we will probably see for the rest of our home buying lifetimes to make move up.
Waiting for a few months to make either move will probably cost a lot of money.
- Home sales are up 1.5% year-over-year and 5.1% month-over-month.
- Demand is still much higher than the available housing inventory which declined 2.2% from March 2015.
- This is the 49th consecutive month with year-over-year price gains.
LIKE MORE INFORMATION, JUST CALL OR TEXT TO THE “DAD AND DAUGHTER” REAL ESTATE HOT LINE AT 484-574-4088 OR USE THE PING BOX ON THE SITE.