Spring Has Sprung! Here Today, Gone Tomorrow
Homes for Sale: “As we head into spring and the traditional season when sales heat up, buyers will find that desirable homes won't be on the market for long,' said David Berson, SVP and Chief Economist at Nationwide. “Today, the average home is on the market almost half the length of time that it was six years ago.”
That news, of course, is a sweet elixir for would-be sellers. Just how sweet? In 2017, the typical home sat on the market—meaning from listing to inking a contract—for 67 days, HoHM data shows.
If there’s a home on the market stuffed with to-die-for features, it’s probably not going to last long, according to the latest Nationwide Health of Housing Markets (HoHM) report. What’s precipitating the blink-and-you’ll-miss-it market? Heavy demand and a rock-bottom level of for-sale homes, the report says.
Despite the challenges confronting buyers, Berson’s outlook on the U.S. housing market remains rosy.
“Household formations have offset much of the negative price impacts,” he said. “The labor market is strong, and wages are increasing. Affordability remains a concern, especially for entry-level homebuyers in today's low-inventory conditions, but most indicators point to healthy, sustainable local markets with only a few extreme exceptions.”
While the challenges related to the supply of homes will remain during the year, and the Fed is expected to raise rates again, the report forecasts 30-year mortgage rates ranging between 4.4 percent and 4.6 percent in 2018 and 2019 respectively. The five-year ARMs are expected to see greater swings in the rates that are expected in the range of 3.8 percent in 2018 and 4.1 percent in 2019.
“On housing, home sales got off to a rough start in 2018, bottle-necked by the persistent challenges of the inventory shortage. Of course, there’s a flipside to the demand-supply imbalance, and strong home price appreciation continues to come as welcome news to existing homeowners,” Duncan said.
Are you ready to Sell? The decision to rent or buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LL or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today.
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