Market Update

Dated: 03/18/2019

Views: 242

3/18/19 REAL ESTATE MARKET UPDATE: The demand for rentals has increased with the higher cost of home ownership. Rent is now significantly higher than a year ago in Orlando, Florida (+7.0 percent), Phoenix (+6.8 percent), Riverside, CALIFORNIA (+6.2 percent), Tampa, Florida (+5.5 percent) and Pittsburgh (+4.9 percent). Home prices are still gaining but at a more normal rate that identifies market stability. 

Mortgage rates have dropped this year and continue to inch lower this month, signaling potential strength and giving a boost to the upcoming spring market. It seems October 2018 through February 2019 the market hit the snooze button waiting for a sign that 2019 would be ok. We are now experiencing increased home inventory and sales compared to the last 6 years. The MARKET IS HEATING UP EARLY and the rain is making the mountains and landscaping around the homes even better! 

However, there is still a very low supply of entry-level homes for sale, meaning some potential first-time buyers will continue to rent, as the cost of homes is growing quicker than most are able to save. Finding the right home may not be an easy or affordable option with the prices increasing, but finding a home so you start making your own fortune may be the best move! If you're renting, contact us and we will go over our first time buyer program that will save you thousands of dollars! If selling, we can provide you with FREE price evaluation and tips on how to get 5%+ more than other sellers!

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