PRICES RISE WITH THE SPRING TEMPERATURE
In its most recent quarterly report, the National Association of REALTORS® (NAR) revealed that sales prices in over half of the markets measured since 2005 are now at or above their previous peak level. The median price for an existing single-family home during the last three months of 2016 increased in 89 percent of the markets tracked, with 158 out of 178 metropolitan statistical areas showing sales price increases in the fourth quarter of 2016 compared with the fourth quarter of 2015.
In all of 2016, an average of 87 percent of the markets NAR studied saw increasing home prices, which is up from the averages in 2015 and 2014.
NAR Chief Economist Lawrence Yun noted that depressed inventory of new and existing homes led to “several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets.”
If you are considering purchasing or selling a home, here are few points you may want to keep in mind throughout the process.
Don’t assume that daily news reports about real estate will determine your level of success with your own real estate goals. National data can provide an overall temperature of the market; however, your success will be based on your particular marketplace and other more subjective factors relating specifically to the property could impact the result. For example, the data available here such as how many homes are on the market in your price point? How many days were they on the market? There is a significant amount of information to collect and analyze.
Don’t speculate or attempt to try to time the market. By the time you think you should make a move, the market may have already changed.
You have access to experts that can help you. There are so many variables that can determine your success, and a Coldwell Banker Real Estate Services sales professional can provide you with advice to help guide you through the process. There is data readily available at any given moment, and a sales professional can help you evaluate the data so you can determine what actions to take.
To learn more about how local and national statistics can impact your overall goals call or email a Coldwell Banker Real Estate Services sales professional today. Whether your market is hot, not, or rising, a sales professional can advise you on what you need to know.