What’s Up With the Local Real Estate Market?
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We have great news to report! Our local real estate market is enjoying a really nice upswing in several ways and it has a strong, positive impact on both buyers and sellers alike. Just a few short years after the housing market crashed in late 2007, we are finally able to say that our market has turned around. Here are some of the things happening these days and how they impact us:
Home Values Continue to Rise
During the period of time these past several years while the market was depressed, one of harshest effects was that on home values. Today, we are seeing more and more increases in many neighborhoods across our area and region, much like most of the nation. This makes it a great time for sellers to jump off the fence and sell, to either downsize or move up into a home that better suits their needs.
Interest Rates Will Remain At Historic Lows
As a way of controlling the marketplace and helping to drive our economy, the Fed has actively kept interest rates low. We predict that these rates will continue to hover at the historic lows that they have been for at least another year or more. This will help more buyers get into their dream homes since their buying power is increased with lower interest rates.
Lots of Buyer Activity and Demand
More and more buyers will be seeking out homes – whether to lock in interest rate opportunities, avoid renting or to release months of pent up demand. The 2012 Presidential Election and then subsequently the Fiscal Cliff issue had many buyers on edge as to whether or not the economy would stay strong. Now, buyers are ready to commit to a purchase and they are actively doing so.
Inventory Levels Dwindle Downward
Increased demand will continue to drive inventory levels down, despite more sellers coming on the market during the spring and summer months. The housing industry is expected to see lots of activity, more so with buyers eager to lock in very low interest rates.
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If you would like to be apart of the American Dream and want to either buy a new home, sell your existing home – or both, contact us today! We would love to help make those dreams become a reality!
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