Sellers Market (?)
What a market huh Example? If a home buyer would have asked me 1.5 years ago if you could find a home in the "$xx to xx" range, I'd say "no sweat". Now, inventory has tightened and there appears to be continued momentum and quite a few *multiple offer situations. *I'd like to say however, multiple offers are usually more common with homes that are priced correctly and show well. The market is still in recovery mode and does from month to month hit the occasional soft patch.
Nationally, home prices have come to about 15 percent of their peak in June of 2006. The national Home Price Index by Black Knight Financial Services' show national median at $233,000, steadily moving towards the $270,000 pre-crisis peak. Obviously, not all areas reflect the same improvement as the chart below will show. Real estate will always be dicated by local forces. The general theme is that prices have started to increase and with hindsight show to have bottomed out in early to mid 2012.
Some areas such as Texas and Colorado surpassed their 2006 price levels last summer and some areas of Texas have continued to post new peak HPI levels virtually every month since. My uncle lives in Austin and says a bubble is apparent and an irrational frenzy exists.
Here to help you fund your transactions. Happy house hunting!
Gil Kerbashian
(847) 873-7295
gilmtg@gmail.com
NMLS 197757
Inland Bank
Residential Lending
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