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Good News For Homeowners
March marks the start of daylight savings time. But this year, homeowners have a whole lot more to look forward to than some extra sunlight! Home prices have increased steadily for the past three and a half years, which means more equity for homeowners.
For some homeowners, that news may come as a surprise—and it’s no wonder why. In general, homeowners have had little to cheer about during the rollercoaster of the last eight years.
When the housing market crashed, homeowners nationwide saw the value of their homes plummet overnight. Across the country, millions found themselves underwater on their mortgages and under the threat of foreclosure. Others who planned to sell their homes were left with few options, forced to wait until the market recovered and their homes regained value.
However, from late 2011 to today, the housing market made an astounding recovery. Home prices increased month after month for more than three years, bringing home prices in many markets close to their peak levels. And that means today, most homeowners are in a significantly better position.
For the last few years, home prices have continued to increase, though more slowly. The various home price trackers note increases between 5 and 7 percent, and this year home prices are expected to rise at a similar rate.
For homeowners, rising home prices are helping restore much of the equity they lost, which is opening the door for many homeowners to finally consider selling their homes.
If you find yourself wondering whether or not to sell, now is a great time. In addition to higher home prices, we’re in a strong seller’s market, with demand outpacing supply. Mortgage rates also remain low (but are steadily increasing) so you will be able to afford more home now than later in the year.
For more information on today’s housing market and increasing home prices, read my report entitled “Spring Showers Bring… Higher Home Prices, Growing Equity, and Good News for Homeowners!”. You can download the report from my websitehttp://hosted.cdpe.com/103530.
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Move in ready 3 bed, 2.75 bath home with over 2,500 total sf finished! Nice kitchen w/stainless appliances that all stay including washer and dryer. Formal dining room opens to vaulted living