As Americans we have always been pointed toward the values of home ownership, strong communities and property rights. In recent years , we’ve faced a number of challenges – the financial crisis, tightened lending standards, increased foreclosures and slow moving short sales to name a few. Fortunately there have also been some opportunities: historically low interest rates, continued availability of FHA backed loans, and tax policies that encourage real estate investment.
This is spurring a recovery throughout the nation that is surpassing most expectations. According to the National Association of Realtors, foot traffic at open houses and inquiries from potential sellers to real estate agents, continued to point toward too many buyers chasing too few sellers. That means home prices will continue to climb. Despite prices and interest rates rising, it seems likely that more buyers will be in the market by the end of the year, largely due to the fact that even the reduced affordability is still preferred to what was in place before the financial downturn. Therefore, these higher prices will likely encourage more sellers to wade into the market for the first time in years, and loosen some of the demand that has been building among buyers for some time.
The month of March showed a sharp jump for the first time in five years. Existing-home sales improve and remain solid above a year ago, while the median price continued to rise by double-digit rates from a year earlier, according to the National Association of Realtors.
What does this mean for us as Buyers and Sellers?
Buyers – Now is the time to get in before both interest rates, and housing prices, go up further. Get the process started with your lender and watch the market with automatic notifications of new listings put in the MLS system.
Sellers – With the abundance of buyers who want to take advantage of the market right now, this is choice timing. If you wait too long, many buyers will be priced out of the market.
Bottom line: Today is a good day to buy…or sell real estate!
The team at Stewart Realty knows homes and they know Southwest Idaho real estate. To find out more about real estate in the Boise Region give Jeff Stewart at Stewart Realty a call to set up your personal real estate search, a personal tour of the area and find some great homes that fit your needs and budget.
Jeff Stewart, Broker/Owner 208-602-1993 or firstname.lastname@example.org