You’ve heard it said that all real estate is local, and it’s true. When it comes to assessing the value of your home and the real estate market, you need to look at your local neighborhood and the micro market. It’s incredibly important for you to get specific, localized information. Analyzing pricing patterns and market dynamics of your smaller neighborhood and region matter. A lot. You’ll want up-to-date information and a knowledgeable and local expert to help you understand the nuances of your local neighborhood and to help you determine the market value of your home.
Though all real estate is local, a broad view of the national real estate market also provides insight. So, what is the national outlook? According to NAR’s Chief Economist, Lawrence Yun, “Housing momentum is flashing encouraging signs for the market.” In spite of cost pressure and those stubborn interest rates, Buyer demand remains strong. In fact, twenty-one percent of homes sold above list price last month! And, the average home received more than two offers and sold within less than a month. Wow!
So, what does this all mean to you? Well, it all depends on your specific needs, timing, and of course, your local market. But, here’s the point: A dampening on home prices doesn’t appear to be in the horizon. According to Yun, “The ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values.” And, that’s good news if you own real estate.
Click here for the complete article and more on encouraging signs in the market!
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