Home Prices Continue Rising Nationally

During the month of June, the listing inventory took a rebound from May’s supply. This push helped the median sales price to rise of new and existing homes! June’s national average sales price came to $247,600 which is an increased from June 2016 average sale price of $238,900. This is a nearly 6% increase within one year!

Why did this happen?

Buyers overcame the challenging market conditions in many areas. The job market has also stayed healthy and strong making it possible for affordable financing. With the new and existing inventory, the market will continue to see homes going fast and for top dollar.

The median existing single-family home price was $254,600 in May, up 6.0 percent from May 2016. In the Midwest, existing-home sales fell 5.9 percent in May, and are 0.8 percent below a year ago. The median price in the Midwest was $203,900, up 7.3 percent from a year ago. It’s important to note that housing markets vary from region to region. While home prices have been rising on average, these price changes to depend on the location. The Northeast jumped 6.8 percent to an annual rate of 780,000, and are now 2.6 percent above a year ago. The median price in the Northeast was $281,300, which is 4.7 percent above May 2016.

Planning on selling your home right now? Very likely that you will have no problem finding a buyer. When demand rises and supply drops, home prices will increase, the result of competition among buyers.

So should you sell in this market?

Equity in your home is ready to be spent!

Home values have been on the rise, and that means equity is building. What does this mean? You will have monies after the sale of your home!

How much you OWE-How much you OWN = Home Equity

NO debt and cash in the Bank!

Have no mortgage or credit card debt? Awesome! That means your debt-to-income ratio is low! DTI is the number one factor when getting a home loan approved.

Time for a Downsize!

Collect that equity in your large home as a down payment for a smaller one!

Does the thought of selling your home overwhelm you? Make you nervous? Take a look at the list below to see if you’re emotionally ready to sell your home! Always consult with a professional before making any decision when it comes to your financial future.

  • Are you ready to put in the work the house will need?
  • Are you committed to keeping it ready to show for weeks or months?
  • Are you ready to hear the reasons why potential buyers believe your home is not perfect?
  • Are you ready for hardball negotiations over what buyers are willing to pay for your home?

Home Ownership and Satisfaction. It is the American Dream

Are you planning to sell?

Reference:

Realtor, Assist My. “Home Prices still Going Up!” Assist My Realtor. Assist My Realtor, 13 July 2017. Web. 24 July 2017.