The Homes for Sale Market has changed according to a recent article printed by the Wall Street Journal online. We have been seeing this in Lancaster PA for some time. Lower inventory, shorter days on the market and multiple offers are being realized in the homes for sale in Lancaster PA market.
The article notes the reasons economists believe the market has changed:
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10% increase in homes sales for May 2012 over May 2011.
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Investors buying properties to rent. An important indicator of the market changing.
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Unsold new construction homes at 2005 levels.
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Reduced housing inventory.
Recently, I have had conversations with homeowners who have interest rates over 6% and might have a small amount of equity or no equity in the homes they own. With the rural housing initiative and interest rates below 4%, it makes sense to move up to the next home even without much equity in your current home. With the market changing, it is only a matter of time until housing prices begin and interest rates begin to rise.
Interested in learning more about the homes for sale in Lancaster PA market, give me a call.
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