The Housing Market At Its Best This SummerAugust 24, 2016 / Real Estate Trends, Selling
As summer’s end approaches and we see glimpses of Fall , it is the perfect time to examine the housing market over the last few months. Reading an article on CNBC from Realtor.com’s chief economist, Jonathan Smoke provides us with insight worth sharing with you all!
This summer followed one of the strongest springs in about ten years. The summer has had steady home sales showing that sales are up by 6% from the last year. Jonathan Smoke notes that it has been the best year since 2007 using calculations from the National Association of Realtors and Commerce Department data. Although it might seem like we have not yet recovered completely from the housing crash, the market is still looking good. Even with little inventory and strict lending, the housing market is performing well. In fact, the best since the housing crash.
Millennials and baby boomers are in an important stage of their lives to make decisions on how they want to live and what home they reside in. With first time home buyers and last time home buyers thinking about retirement ready to flood the market, it can only show growth. Interest rates are very low right now and are decreasing more, this is a great time to buy. Even though demand is high but inventory is low, it is preventing oversupply which could trigger the housing market to decline. This summer is the best situation for residential real estate in over ten years!
Something to keep in mind with real estate is that all housing is based on location. The best way to really understand the housing market in your desired location is to talk to a local real estate agent.
If you would like to read more on this or see the full article posted on CNBC by Jonathan Smoke from Realtor.com, click here.
Aland Realty’s brokers would love to assist you in your home buying process. Contact us today!