Beyond that, I wanted to share some valuable information about the real estate market. Even if you’re not thinking about buying or selling this year, the real estate market can affect the value of your home. It’s always wise to stay up to date on market trends. Lucky for you, that’s what I’m here for!
Now, I understand that we are barely more than one month into the new year, but there are few market trends that we’ve seen in the first month. Take a look and please don’t hesitate to reach out if you have further questions.
1. HOME PRICES
Home prices and values are on the rise! According to The National Association of Realtors, the average sales price of a home went up in December by 5.8 percent from the previous year, marking the 70th straight month of year-over-year gains. The good news is it doesn’t appear that they’ll be changing direction any time soon. If you’ve been thinking about selling, it’s an incredible time to act.
2. LOW INVENTORY
One of the leading factors of home values increasing is the lack of homes for sale on the market. December saw the amount of homes on the market fall again – that’s 31 months in a row across the nation. Sometimes this can be a motivator for making a housing change, but sometimes it’s nice just to know where your home falls. I can run those numbers for you any time. Send me a note if you’d like to do this.
3. INTEREST RATES
I’m also watching interest rates. Industry experts are predicting that rates will creep up as the year goes on; they won’t jump up to historic levels, but expect an uptick throughout the year. We don’t have a crystal ball, so the exact numbers are tough to come by. If you’re buying, thinking about refinancing, or considering an equity loan this year, I’d suggest acting early.