Here are several explanations
offered by different researchers and experts:
1. An improved job
market
2. Interest rates are
still low, though they have gone up too. Last week, one of my buyers was quoted
a rate of 3.75% on a rural housing loan.
3. A smaller
inventory of homes in most metros – 21.6% fewer homes are on the market as compared
to the previous year
4. Rising rents
5. Cheaper foreclosed
and short sale homes have been steadily snapped up by investors reducing
inventory
Cities with the
biggest increases:
- Phoenix: 34
percent
- Detroit: 31
percent
- San
Francisco: 28 percent
- Cape Coral, FL:
26 percent
Lawrence Yun, chief economist for the National Association
of Realtors reported: “Home sales are on a sustained uptrend... they are being
fueled by a pent-up demand and job creation, along with still-favorable
affordability conditions and rents rising at faster rates.”
Sellers… are you reading
this?
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