Did you know that the housing market can sometimes be like one of those tv reality shows? Well it can be, wow! One season you can be looking and putting offers in on homes and before you can get the contract accepted by the buyer a cash-rich buyer rolls in and signed sealed delivered just happened.
Now the market is changing slightly again, its becoming more balanced if you will and you have a better chance of getting the home you wanted now.
Through June this year the US home values gained 10% nationwide, that's great for sellers. This hasn't happened since the Carter administration, yes the late seventies folks.
Around the US the asking prices on properties was up 3.3% for the second quarter versus the first quarter of the year. According to Trulia though, that increase is robust, but still less than the 4.2% jump that occurred from the three months that ended in January vs. the three months ended in April.
In some hot markets the asking prices have narrowed even more in recent months according to Trulia.
Pending home sales which can usually take a month or two to close depending on the requirements of the lender also dipped. This is because interest rates started to climb and affect buyers closing strength.
For the last half of this year, expect to see fewer bidding wars that you may have seen last year on properties.
Expect to also see a slowing growth in home values. Lets look at Miami...median home values increased 0.7% in May from April and 0.6% in June from May. The previous five months, values rose at least 1% month to month according to MLS statistics.
This is not a bad thing and looking on the positive side for long term buyers, it prevents flipping which is when homes are bought and resold in short intervals for fast profits and pushes prices into unaffordable territory. We all know that wage gains lag in all segments of the work force and if prices increase and wages stay the same, owning the American Dream may not always be obtainable without smart planning.
Overall, according to over 106 economists and real estate experts...home values will end this year up 6.7% and appreciation will slow to 4.4% next year. Prices may flatten or decline in some markets this fall and inventories increase.
Lastly, if I can be of any help regarding real estate buying or selling, please feel free to contact me at 305-776-2025 for Key West Real Estate and the Keys.
~ Monika
http://www.bestkeywestagent.com
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