The National Association of Realtors® (NAR) just released a quarterly report detailing the “strongest year-over-year increase in seven years.” Whether you looking to buy or sell your home, this is good news. We saw a strong end to the year in Rocky River that supports this statement, CLICK HERE to view homes sale statistics.
Buyers who question why increased home prices are of benefit to them can reference another report by NAR that revealed “record high housing affordability conditions for metro areas in 2012.” Low interest rates and slightly higher, but still desirable home prices mean home buyers have the resources to purchase the homes they desire.
The one thing we have found to be frustrating for our Buyers currently is low inventory. We have so many buyers and sellers playing a bit of a waiting game. Sellers are apprehensive about listing because they don’t know where they are going to move, which in hand leaves our buyers with less inventory to choose from.
If you are on the fence about selling there is a huge opportunity for sellers in Rocky River, Westlake, Bay Village and our surrounding towns. We have buyers waiting for that perfect house ot hit the market.
According to NAR chief economist Lawrence Yun, “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years.”
Yun went on to state that, “Our population has been growing faster than overall housing stock,” which leaves a need for more inventory and new home construction and illustrates that, “supply and demand dynamics are very much at play.”
If you are in the market to sell your home, this news is very welcome, as well. Statistically speaking the 2012 fourth quarter showed the average single-family home in the United States priced at $178, 900, an increase of 10% from fourth.
If you are thinking about selling and would like a true market analysis call Kim today at 440.652.3002 She can provide you with the knowledge you need to get your home sold while interest rates are still down.