Home Prices for Pinellas County FL for December 2012
Home Prices in Pinellas County FL are still showing steady signs of recovery due to a combination of rising demand, declining inventory, and low interest rates. National Association of Realtors Chief Economist Lawrence Yun states “Continuing momentum continues to build in the housing market from growing jobs and a bursting out of household formation. With lower rental vacancy rates and rising rents, combined with historically favorable affordability conditions, more people are buying homes.
There was also some good news for financially distressed homeowners (Short Sales) as lawmakers extended the Mortgage Forgiveness Debt Relief Act. The extension means homeowners may be excused from paying taxes on forgiven mortgage debt through 2013. The law, established in 2007, was set to expire Dec. 31, 2012.
Interest Rates (National)
Mortgage rates this month are still hovering around record lows. In terms of the monthly payment on a 30 year fixed rate mortgage, a 1% increase in interest rate is the equivalent to a 10 percent increase in price. Low rates and a rebounding market have put bars in a sweet spot, fueling urgency to buy now.
Home Prices in Pinellas County FL
After reaching a peak in 2005, median home prices have been falling until recently. The most recent data indicates a stabilization and perhaps even an uptick in single family home prices.
Sales & Inventory In Pinellas County FL
Residential home prices have fallen to half the levels of 2009 but buyer activity is actually up. So if you are thinking about selling, now is a great time.
- If you are thinking about selling now still is a great time as the housing inventory is down (see below) and buyer activity is up due to low mortgage rates (see above). Visit us at http://www.liveinpinellas.com/sell/ for a free/no obligation Competitive Market and Pricing Analysis.
- If you are thinking about buying, it is also a good time due to low mortgage rates and an affordability index as good as any in recent history. Call Cindy at 727-466-7344 to find out more about why this is such a good time to sell.
Find Home For Sale in Pinellas County FL
Visit our website at www.LiveInPinellas.com to search home in Pinellas County Fl
To find out what your home is worth in Pinellas County FL in the current market call 727-386-5871 or go to http://www.liveinpinellas.com/sell/
Call Rich at the the Rich & Cindy Team at 727-386-5871 (Keller Williams Gulfside) to find out more about Home Prices in Pinellas County.