Home Prices are on the Rise
According to the latest Quarterly Metro Home Price Report, released by the National Association of Realtors (NAR), home inventory across the country is dangerously low. This is draining the sales growth and allowing home prices to rise up to 5.3% on average across all major cities.
Basically, new listings aren’t able to keep up with how quickly homes are being sold, leaving little to choose from and more competition to close a home. What this means is that there has been a significant slowdown in sales over the course of the last year. Leading to a fast growth in price and a weakening of affordability.
Typically rising home prices are a homeowner’s dream because they will be able to get more out of their home than they would have in previous years. However, this usually means that more homeowners are willing to sell, increasing competition. This can be good news for the buyer because there will more inventory to choose from. Experts suggest that right now that may not be the case. The inventory isn’t quite growing fast enough to replace homes that have sold quickly and what’s on the market is higher than usual.
If you are considering buying a home in the Coral Gables, Ponce Davis or South Miami area visit the property search page to see what is currently available.
As a buyer you’ll want to remember that if you wait prices could continue to rise in the next year or so and more cash will likely be needed in order to make that purchase happen. Unfortunately for the buyer this means that the market is becoming a game of cat and mouse where the mouse is always a few steps ahead in terms of the down payment that will be required.
If you’re looking to buy or sell and want to move up in house size it might be the right decision to act now before prices rise too high to be affordable. Contact me today to find out if you would benefit from selling your home now or waiting until a later time.