News, Tips, & More
Hear that? That’s the sound of hammer on nail, as new home building revs up for what is promising to be another demanding season of sales this autumn.
New built homes offer a few advantages besides the obvious value of owning a brand new home. Not only is all the plumbing, electrical, mechanical and structural brand new and of the latest advanced versions, but homes today are far more economical in terms of energy efficiency.
Thanks to growing consumer demand and low mortgage interest rates the inventory levels continue to dominate the news and trends in our real estate market. While many geographical markets have seen a slight increase of inventory, believed to be due more to the normal increase of the summer selling season, levels are still quite a bit below what is considered normal.
If you want to know whether this year is going to be good for buyers or sellers or both we need to look at several factors. First, looking at the housing market we see a recent uptick in mortgage rates. Second, we are seeing home prices move upwards and third, low inventory does not appear to be changing anytime soon. This has made buying a home slightly less affordable than it was a couple of years ago, but that doesn’t seem to be stopping the flood of buyers in the marketplace.
Change is not sudden so much as it is always subtly occuring!
So we take a quick peek backwards during January to get a feel for what we think may be coming. A real estate market goes through subtle changes almost daily, and about once every six months those changes are clearly felt. Meanwhile, change continues, whether we stop to notice or not.
