Great news sellers.
As indicated by CoreLogic’s Chief Economist, Dr. Frank Nothaft, home prices have appreciated by nearly 7% year-over-year from December 2016 to December 2017. (CoreLogic Home Price Index).
This marks the fifth month in a row with at least a 6.9% upsurge, says Nothaft, who provides insight to the substantial increase:
“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
This is a thrilling update for owners who have gained nearly $15,000 in equity, on average, for their homes over the last year (CoreLogic equity statistics). Owners on the fence whether or not to sell will be delighted to see that they will have loftier profit margins to support a down payment on their dream home.
On the flip side, as we near the busy spring season for Finger Lakes real estate, there is still confidence for buyers as mortgage rates remain low compared to recent periods. The study also predicts that home price appreciation will slow slightly, rising by 4.3% by this time next year.
So the bottom line: If you are looking to enter the housing market, as either a buyer or a seller, schedule a meeting with a local real estate agency like Finger Lakes Premier Properties who can explain exactly what’s going on in your neighborhood and discuss your options… today!
Finger Lakes Premier Properties (FLPP) has the largest selection of Finger Lakes vacation rentals and lakefront homes for sale in the region. Our properties are all waterfront homes and range from cozy cottages and cabins to luxury vacation homes for sale and rent.
In 2017, FLPP flattened the industry average of days listed on market by 80%. To make ensure all our client’s needs are consistently met in this fashion, FLPP has recently brought on a Marketing Real Estate Coordinator. The resource will help the real estate team capture new homes with aerial footage and apply 3D virtual technology, getting more people to tour homes and sell faster.
The resources are here, the market is your oyster. What are you waiting for?