Raleigh Real Estate Agent: A Look at Current Market Conditions
Our Raleigh real estate agent has been tracking the housing market activity for some time now. Since the start of 2014, home prices have slowed down. During 2012 and 2013, home prices were growing at a pace that was considered extreme, at best. Thankfully, the slowdown of 2014 has helped people afford homes. Also, the slowdown should help the market stay in a place that doesn’t become undervalued. It should also continue to allow for the recovery in home sales that we’ve been seeing for the last year and a half.
In May, prices were up, nationally, 8.8% from the previous year. While that seems like a large increase, it’s only 3 percent lower than the three months prior. It’s also the lowest change in 18 months. These are all good signs that the market is well on its way to a full recovery.
Even more, as more housing becomes available through new home construction, the rate of increase will decline even further. There’s still a bit of an inventory lack when it comes to new homes at this point, but it’s predicted that inventory will rise, nationally, by 200,000 annually and 1.7 million by 2017.
While the housing market is still recovering from a major hit, it’s sounder than it’s been in years. Foreclosures are down 18% from this time last year. Our Raleigh real estate agent thinks that when it comes to listing a home on the market, now is a great time! All of the information above, combined with the fact that the economy is strengthening daily, means selling your home in Raleigh NC now should be a homeowner priority!
Home sales are better, historically, when the job market is sound. The housing market is more sensitive to the health of the job market than to interest rates. If people are working and making money, they’re more confident in a home purchase, even if home prices and mortgage rates are higher.
For more information about the current housing market and real estate news from our Raleigh real estate agent, be sure to visit back with us soon! Also, contact The Roark Premier team to get your home listed and sold within 59 days or less!