Wednesday, August 23, 2017

Keeping Up with the Joneses!

Want to Keep Up with the Joneses? Now’s the Time | Simplifying The Market

Want to Keep up with the Joneses? Now’s the Time


Market conditions around the country have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home.
The National Association of Realtors reports that national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The national market has echoed the conditions felt in the starter and trade-up markets as inventory has declined year-over-year for 25 consecutive months.
The chart below shows the relationship between the inventory of homes for sale and prices.
Want to Keep Up with the Joneses? Now’s the Time | Simplifying The Market
According to Trulia’s latest Inventory Report, the inventory of homes for sale in the two lower priced markets has dropped by double digit percentages over the last 12 months (16% for starter and 13% for trade-up homes). While the inventory of homes in the premium home category has dropped by only 4%.
This has created a seller’s market in the lower-priced markets, as 54% of homes were on the market for less than a month in the last Realtors Confidence Index, and a buyer’s market in the luxury market, where homes were on the market for an average of 160 days according to the Institute for Luxury Home Marketing.

Bottom Line

If you are even thinking of listing your home and moving up to a luxury home, let’s get together to evaluate your ability to do so. Homeowners across the country are upgrading their homes, why can’t you? Your dream home is waiting!

Local Perspective

Keller, Fort Worth and Saginaw in particular are seeing a split in the market that could really benefit "move up" buyers. Your present home has probably NEVER been worth more, but prices ABOVE the market average of about 220,000 are not going up as fast. It's the perfect time to buy your new home IF you have a plan with an experienced agent who can help you sell your existing home in the right time frame. I know one. Guess who? Visit www.Mike4Houses.com

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