I had just had a conversation with a client who is looking for their perfect home, but expects to pay a 2010 price for it. We spend hours explaining to clients that the lack of inventory along with growth in the economy (jobs), the rise in home prices is not going to turn around anytime soon. In the same breath the client proceeded to explain how much they thought their house was worth because of all these same factors. I then started reading some articles in The MReport and this one jumped out at me:
Home prices continued to rise in January reporting an annual growth of 6.2 percent according to the latest S&P CoreLogic Case-Shiller Home Price Index that was released by S&P Indices on Tuesday. The index, which consists of the National Home Price NSA Index, A 10-City Composite Index, and a 20-City Composite Index, reported price growth on all these indices.
While the 10-City Composite recorded an annual increase of 6 percent, the 20-City Composite posted a 6.4 percent year-over-year growth.
“The home price surge continues,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at the S&P Dow Jones Indices. “Since the market bottom in December 2012, the S&P CoreLogic Case-Shiller National Home Price index has climbed at a 4.7 percent real—inflation-adjusted—annual rate.”
“Our first glimpse into Case Shiller home price data in 2018 confirms high prices are here to stay,” said Danielle Hale, Chief Economist at Realtor.com. “In fact, if we continue to see a steady stream of buyers and owners remain largely uninterested in selling, we can expect prices to continue to rise.”
Now is a great time to sell your home for the best price. Interest Rates are going to continue to rise, making Buying and Selling now a perfect time. Contact us to get a free CMA of what your home is worth. Let’s see what is available that will fit your criteria. You can decide if the time is right for you!