Archive for May 2015

The Current Buying Frenzy

May 27th, 2015


Planning on selling your home in the coming months? This decision could not have come at a better time. The demand for single family homes is high and supply is very low.  Single family home sellers are benefiting from an auction like atmosphere with a multitude of buyers fighting for their next home. This environment promises higher sale prices and ridge-less conditions making the selling process a lot less difficult for both the sellers and their families.

It must be noted however, that there may be more competition about to surface. This competitor takes the form of newly constructed homes. This development may very well put an end to the limited single family home inventory therefore seizing the current buying frenzy for the limited inventory of single family homes. The inventory has been very low for over a year, these new homes in the market will definitely tip the scale.

In the most recent report from the National Association of Realtors (NAR) it was foreseen that construction of new homes and their sales will rise substantially in the next two years.With a new home national forecast of 1.1 million starting this year, and jumping to 1.4 million by 2016.

Locally single family homes sale price have risen in value contrasting the median sale price of $243,000 from April 2014. The current median sale price stands at $260,000; that is a 7.0% increase in just a years’ time. However, new property developing locally in the near future broadens the market. In turn causing your home sale revenue to be substantially less than what it would be in the current market.

Seeing a lot of new developments in your area? Looking to sell? With forecasts like these made by the National Association of Realtors, we highly advise selling sooner rather than later.

The Perfect Time to Buy

May 15th, 2015

vdThe real estate market of 2015 and specifically this spring is showing huge buyer demand for homes. The market is currently at the highest peak it has had in years. The demand in so many markets is so high that it is far exceeding the supply. Economist Lawrence Yun Chief for the National Association of Realtors commented that “March sold at a faster rate than ANY month since last summer”. Properties this year are selling within 4.6 months’ time which compared to the historical average of 6 months makes today’s current market an ideal time to list your property and move into your dream home. If this rate of sale is not enough maybe future savings will be a good motivator.

According to the “Home Price Expectation Survey” which polls consists of 100 economists, investment strategists and house market analysts, it is expected that the appreciation of home values in the next 5 years will increase to be between 11.7% and 27.5%. Home values will only continue to rise, although waiting for your own home to rise could potentially price you out of your hopes of buying your dream home. With those facts put in place, it has to be reinstated that today’s market is ideal. Additionally the Mortgage interest rates are still near record lows, remaining themselves below 4% for some time now. However predictions have been made that in the next 12 months this record low will be no more. Interest rates are expected to rise, which will impact your monthly mortgage in a big way. To put it in perspective; just half a percentage point change in interest can really damage your family’s net worth. With both the cost of property and mortgage rate perpetually increasing, it is important that you determine if you should or shouldn’t wait to purchase a home. Looking strictly at the numbers, buying your home sooner rather than later could really save you a large sum of money. If it is the right time for your family and yourself, being at the right level of readiness couldn’t have come at a better real estate time. it really is the perfect time to buy.