Will a Seller’s Market Last?
“With increased interest rates and home prices, the Home Price Index is rising at a slower rate than it was earlier this year.” “While markets in the western part of the country continue to experience rapid home-price growth, many of those metros are overvalued, and will likely experience a slowdown soon.”
Home prices rose both year over year and month over month, according to a recent study. July 2018 shows a 6.2 percent year over year from July 2017 to July 2018, as well as a 0.3 percent in July 2018 month over month.
The national home-price index predicts continue to increase by 5.1 percent year over year in July 2019, but expects the index to decrease by 0.2 percent month over month in August 2018.
The Market Condition Indicators found that 40 percent of metropolitan areas had an overvalued market in July, meaning home values were 10 percent below the sustainable level. According to the Indicators, while 40 percent were at value. 20 percent of the top 100 metropolitan areas were undervalued.
Additionally, 50 percent of the top 50 markets are considered overvalued. However, 62 percent of residents in these high-growth markets are holding off on selling, as they believe their home value will increase within three years. Note that 47 percent of residents in high-price growth markets and 31 percent in lower growth markets feel they are in a “sellers’ market,” meaning these buyers are holding off on selling.
“Many consumers see their homes as good investments.” “Our consumer research indicates homeowners, especially those in high-price growth markets, are confident that by waiting to sell, they will receive a greater return on investment than they would today. In other words, sellers are largely staying put.
With fewer homes on the market, price pressure will continue to rise.” If you’re thinking about putting your house on the market, you’re probably wondering what you should do before you list it.
Getting a home ready to sell doesn’t have to be a huge undertaking, but it’s one where details really matter. We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to sell or buy your home. If you prefer a more personal touch, CALL 801-809-9866 today.
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