National Housing Report, August: What It Means For YouFri, August 16, 2013
The latest RE/MAX National Housing Report, "Inventory Improves; Sales, Prices Rise Higher," provides some helpful insights into what’s happening in the housing market in your region and across the country. The report is a comprehensive monthly snapshot of the current state of housing across 52 metropolitan areas in the U.S. Here's what the latest report could mean for buyers and sellers:
Buyers: With rising prices and fewer homeowners underwater, inventory levels are improving as more sellers opt to put their homes on the market. Eighteen metro areas reported increases in available inventory in July, an early sign that low inventory levels are beginning to stabilize. If you’re considering buying in the near future, keep an eye on mortgage rates and get pre-approved for a loan – that way you’re ready to act quickly when the right property comes along.
Sellers: It’s still a strong seller’s market. The number of sales was up slightly in July, and prices were 17 percent higher than last July. That’s great news! Prices are expected to remain stable over the next few months, but are unlikely to rise dramatically as inventory levels stabilize. Keep in mind that as mortgage rates climb, some buyers might be prompted to act before rates get too high. If you’ve been thinking about selling, now might be the perfect time to capitalize on buyer demand.
Whether you’re a buyer or seller, keep in mind that all real estate is local. For more information on your local market, find a RE/MAX agent who is ready to help you find your perfect fit.