Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.
NewdatafromCoreLogicshows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft,Chief Economist for CoreLogichad this to say,
“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent,which is the lowest Q2 reading in over 30 years.”
CoreLogic’s President & CEO,Frank Martell added,
“Home prices are marching ever higher,up almost 50 percent since the trough in March 2011.
While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”
Overall inventory across the United States is down for the 25thconsecutive month according to the latestreportfrom theNational Association of Realtorsand now stands at a 4.3-month supply.
Real estate is local.
Market conditions in the starter and trade-up home markets are in line with the median US figures, but conditions in the luxury and premium markets are following an opposite path. Premium homes are staying on the market longer with ample inventory to suggest a buyer’s market.
Buyers are out in force, and there has never been a better time to move-up to a premium or luxury home. If you are considering selling your starter or trade-up home and moving up this year, let’s get together to discuss the exact conditions in our area.
Author:Brisa Moreno Phone: 602-717-6930 Dated: August 10th 2017 Views: 396 About Brisa: ...
View our latest blog posts in your RSS reader. Click here to access.
Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, curre nt laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
Available to you, our most important client, is a vast network of business professionals dedicated to every facet of the buying or selling experience. We specialize in “targeted” marketing that provides optimal exposure through every forum available in today’s competitive market.
Are You Renting? You Should Read This.Hey Renters, I am going to give
"Libby has assisted me with both raw land, and new home purchases. She was super responsive and attended to every aspect of the transaction. I felt she was aggressive enough in early negotiations with the seller in an effort to secure the best deal for me, but not to the extent that she would jeopardize the transaction. She had good local knowledge of the area pertaining to both of my transactions, and shared it to the extent that it affected my decisions. I will work with her again, and highly recommend her services to anyone needing a very focused and attentive realtor "