The #1 Reason Why You Should List Your Home Now!

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If you’re a current home owner who is wondering whether to enter the market, we’re here to tell you that now is a great time to do so!

Here’s the top reason why home owners should list their home right now: Home prices are on the rise!

NBC News recently reported that home prices have increased 7.7 percent in the year through June.

Home buyers wanting to enter the market before prices climb even higher have only encouraged this upward momentum.

What Else Home Sellers Should Know About the National Market

NBC News revealed even more interesting data about the current state of the national housing market and its submarkets:

  • The Federal Housing Finance Agency reported that June home prices were 17 percent higher than a year earlier in the Pacific area, including California and Washington.
  • In the Mountain region (which includes Nevada and Arizona), home prices increased 11 percent.
  • Meanwhile the Middle Atlantic region (which includes New York, New Jersey and Pennsylvania) saw home prices increase by 2.5 percent.
  • The National Association of Realtors reported that the median price of previously owned homes increased 13.7 percent for the year through July. That figure was $213,500.
  • Sales of previously owned homes increased by 6.5 percent in July to the fastest pace since November 2009.
  • The inventory of homes for sale is around 5.1 months nationally right now.

Experts do caution that higher borrowing costs may end up pricing some buyers out of the market, consequently slowing the pace of home sales.

For instance, mortgage applications for both home purchases and refinancings decreased for a second straight week recently as rates increased, according to the Mortgage Bankers Association.

Still, experts note that home prices are still relatively affordable by historical standards in most local markets, encouraging continued activity.

They added that the continued increase in home sales and home prices will depend heavily on the health of the overall job market. 

National Real Estate Experts

Check back soon for more updates on the current state of the national housing market and how it’s affecting local markets in your community.

Whether you’re a home buyer or home seller, we’re here to provide you with valuable information that will help you navigate the market.

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National Housing Market Becoming Increasingly Balanced

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National housing marketThe housing market is on the mend and is not as grossly out of whack as it has been in years past, according to a recent USA Today article.

Evidently, housing markets across the country are reporting that more homes are coming on the market and asking prices are leveling out.

This all means that the housing market is becoming increasingly stable, instead of an extreme buyer’s or seller’s market.

More Trends To Be Aware of on National Housing Market

Here’s an overview of recent real estate activity on the national housing market:

  • Through June 2013, U.S. home values increased by 10 percent, which is the fastest rate it’s been since 1977.
  • Meanwhile, asking prices (which are the top indicator of sales prices) increased to a seasonally adjusted rate of 3.3 percent in May and June.
  • Although this increase is noticeable, it is less than the 4.2 percent jump that happened six months ago.
  • Some of the hottest markets in the country – including Las Vegas, San Francisco and Portland – are reporting that increases in asking prices have slowed even more in recent months.
  • Meanwhile, pending home sales dipped in June, with rising interest rates deterring some buyers.
  • Bidding wars also appear to be leveling off. In July, 63 percent of buyers’ offers on Redfin faced competition in 22 markets. That’s down from 68 percent in June and 76 percent (the peak) in March.
  • Increases in median home values have also slowed. For instance, in Miami, the median home value increased 0.7 percent from April to May, compared with 0.6 percent from May to June.
  • Comparatively, home values have increased at least 1 percent month-over-month during the previous five months.

Experts credit some of the market slowdown to seasonal factors, since a lot of people go on vacation in July.

The fact that there is more inventory on the market may also play a role.

For instance, on a national scale, the for-sale home inventory was down 5.3 percent in July year-over-year. But in January, that inventory was down 16 percent year-over-year.

Moreover, between June and July, the housing inventory increased by 1.4 percent.

This increase in housing inventory is giving home buyers more options when it comes to what kind of home they want.

Experts also contend that the recent slowdown in home price increases is a positive sign. That’s because rapid appreciation encourages house flipping, which causes home prices to skyrocket to unaffordable levels.

If prices keep rising as fast as they have been, it will create a bubble, which is what caused the housing market to crash in the first place.

A slower rising home value environment, on the other hand, will encourage home ownership and lasting investment.

National Housing Market Experts

All of the recent data suggests that home buyers and home sellers are likely to encounter a much more balanced, and less frenzied, housing market.  This is sure to give both groups confidence in the overall health of not only the market, but their home investment.

Check back here soon to see more updates on the state of the national housing market, and what it means for interested home buyers and sellers!

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