Home Prices Up 30%? Wow! Time to Refinance?!

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Several years ago Tim and I put our home on the market while we saw the home prices were stable but they were gradually decreasing if not dramatically. We had our home on the market for two years and dropped our price $100,000 and still didn’t get any offers. Every single agent said our home was staged beautifully and even priced right but apparently not right enough.Roller Coaster real estate market

Looking back in hindsight it’s a good thing we didn’t sell because we were able to move back into her home after a two-year relocation to Missouri. We just rented out our home and were able to move back in. I love my home and I love our backyard and our beautiful view of the Cascade and the Olympic Mountains so looking back I’m really glad we didn’t sell. But now we’ve been looking at refinancing our home to get a lower mortgage payment. Just three or four months ago we were unable to do so because we didn’t have enough equity to refinance.

And then June hit.

Looking at the real estate market now all of the homes that even come close to our property are priced $50,000-$80,000 over where they were just three or four months ago. Plus, the supply is down and there are only about 10 homes in our entire city that are anywhere comparable to our home. Some good friends of ours have recently sold their house in the hopes to move up, but are finding it difficult to even find a home. Homes they do find have multiple offers already on the table.

Now this could be a micro market issue as well. People are moving to our city because of the development and several subdivisions were halted due to the housing market crash several years ago and now builders are scrambling to keep up with demand. So this could just be our market but I’m certainly gonna jump on the refinance at this point when I can.

What’s the market doing where you’re at? Are you seeing numbers like this? In several California markets such as Agoura Hills the real estate market is booming and several cash investors are sweeping in before first-time buyers even get a chance. Because I manage and market several real estate agents all over the country I really get a good snapshot of what the market’s doing in their area. The Louisville Kentucky real estate market is up about 11% for the average listing price and median sales price but the number of sales has gone down which is exactly what is doing here.  Interestingly enough places in Southern California like the Carlsbad real estate market are down on the listing price but way up on their sales price and number of sales.

This is certainly a volatile market this summer and I will be curious to see where it goes over the next 6 to 8 months.

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ActiveRain and SEOTammy Emineth is an expert in custom content and original articles for blogs, website, press releases and more. Contact me anytime and feel free to subscribe to this blog to stay up to date on my latest blogs and informative information. Email me or contact me for Real Estate Website Marketing and SEO Content Writing.

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Rainmaker
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Beth and Richard Witt
Long Island Cash Home Buyer - Huntington, NY
Long Island Cash Home Buyer 516-330-6940

Hi Tammy... Happy to hear the value of your home is on the rise... we are not seeing that as yet but we are stable all except for the property taxes which continue to rise each and every year... Happy Day

Jun 19, 2013 04:49 AM #1
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Rene Fabre
First American Title - Seattle, WA
Marketing in the Digital Age

Hi Tammy... I'm thinking now's the time to refi also. My condo value went way down re: the recession and several units were foreclosed on etc... But my value has come up enough over the past couple of months, it's time!

Jun 19, 2013 04:57 AM #2
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Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Marysville, WA
Content Marketer, SEO Teacher, Website Fixer

oh yes Beth, they always go up regardless of market price. ugh

Good deal Rene, yes now may be the time! I'm investigating for sure.

Jun 19, 2013 08:21 AM #3
Rainmaker
2,660,753
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers
So glad to hear that. Things are definitely turning around here. Homes are selling fast and lots of bids. But I don't think prices have increased that much. But they ate increasing a bit.
Jun 19, 2013 08:00 PM #4
Rainmaker
1,231,360
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

People who get the value of their home from their real estate tax assessor are shorting themselves on their potential equity...rising home prices in the area are helping all values increase

Jun 19, 2013 08:30 PM #5
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Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Marysville, WA
Content Marketer, SEO Teacher, Website Fixer

And I may have been off a few months ago but looking at homes on the market then and now and seeing how quickly homes are getting snapped up.. whoa.. real shift here all of a sudden. I know that several subdivisions behind us haven't built a house in over 3 years. I bet they are scrambling now.

Jun 20, 2013 01:21 AM #6
Rainmaker
1,181,092
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Tammy

This happened here from about December to the end of March. Since then prices have been stable to up a little. Was at our MLS breakfast this morning and conforming interest rates with no points, 4.5%. WOW cheers cvc

Jun 20, 2013 03:28 AM #7
Rainer
237,488
Jay & Michelle Lieberman
Keller Williams World Class - Agoura Hills, CA
Creating Calm in the Buying and Selling Chaos

The market in Agoura Hills is going up to the moon.  We have seen recently in one community in Agoura Hills called Morrison Highlands, a price increase per foot from $330 to $380 over the last 3 months.  Every deal is 5-8% higher than the next.  And there are only 1/2% homes out of 350 homes for sale at any given time in this area.  Incredible.

Jun 20, 2013 03:14 PM #8
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Tammy.  Hang on the market will continue to go up until it surpasses the 2007 highs.

Jun 21, 2013 09:10 PM #9
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Tammy Emineth

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