Real estate values are cyclical, but for now, the industry is riding a high. According to many recent reports, including The Housing Market Is on Track for its Best Year Since 2006, the residential housing sector is an engine with all cylinders fired up. Realtor.com reports that, in the USA, homes on the market are selling eight days faster today than they did a year ago. Why? First, there have been more than 3 million jobs added in America in the past 12 months, so people have the income to buy. Second, the market has shifted to the point that it has become less expensive to buy a home than rent in the vast majority of the country. (It’s also a fact that many home buyers actually spend less than renters, on average.)
All of these facts have converged into one powerful message: If you’re on the fence about a home purchase, now is the time to get in the game.
Sales are Increasing
For the third consecutive month, home sales continue to increase, according to the National Association of Realtors. As such, across the nation, home prices are surging to record highs to meet the demand. Even with all of the incredible activity, the supply pipe line is still tight. This means that there are more home buyers than actual homes for sale, which then further drives up the values of residential properties. There are many factors that impact home prices, including oil production and trends, but the immediate picture is bright across all major economic fundamentals.
The Good News for Buyers
Today, home buyers, including first timers, can consult an array of capital providers, a fact that Freddie Mac calls “broader access to credit.” There’s also another plus: home construction activity is booming, and more new homes mean that more people can find their ideal home. Throughout the United States, major markets in Texas continue to be hotspots for activity, and developers are working hard to keep up with the demand. If you're in Houston, or making a move to the city, check out Surge Homes. The innovative builder is developing an array of new condominiums, townhomes, and single-family homes across many prime locations in the city.
The good news for buyers is that the market is favorable for home purchases. The advice from the experts is to take advantage of this position, and make your home purchase a reality.
