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Home Price Rebound
October 3rd, 2012 10:03 AM

Just last week there was more market news concerning the housing industry and it all sounds positive.  In July, the average home price rose to the same level as those seen during summer 2003, when the housing boom first started its journey upward.  Although we are not currently standing on the verge of another market boom, it does show a very important turnaround in real estate.   Prices are rebounding in the 1.5 to 2% range, which is average and healthy for annual appreciation gains.

Single family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.  We may still experience a step or two backward in the months ahead but the forward momentum has clearly become more evident.  The market is much stronger than it has been and that is great news for everyone.

Many experts say that the market will level off and stabilize very soon, and depending on election results, capabilities may either stay level or boom again next year and for several years thereafter.  Once the boom begins and prices begin upward, sellers will once again see positive results, but buyers will be paying higher prices.  Depending on which side you are on, this winter may be the time to buy and spring may be the time to sell.   But if you are both selling and buying, then now is the time, as both sides will equal out with prices and interest rates remaining historically low.  Don't wait too long!!

 

 


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Posted by Barbara Doeringer on October 3rd, 2012 10:03 AMPost a Comment

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