In their current
edition of the Home Price Expectation Survey released
last week, Pulsenomics asked this question of the 100+
economists, real estate experts and investment & market strategists they
surveyed:
“In your opinion, what is the primary driver of recent home
value growth in the U.S.?”
Here are the top four
reasons given by those surveyed:
As we have stated
before, the current lack of inventory in most housing markets has caused home
appreciation to increase at greater percentages than historical averages. This
means that this is a great time to sell your home as supply is low and demand
is high.
However, things may be about to change…
The fortuitous
situation sellers see themselves in may soon change for three reasons:
1.
As more homeowners
realize their equity situation has dramatically improved over the last four
years, they will be more likely to put their homes on the market.
2.
With the residential
real estate sector outperforming a sluggish economy, more home builders will be
looking to add new construction inventory to a depleted supply of housing
stock.
3.
Many banks are just
now foreclosing on loans that have been delinquent since the housing bust.
These houses will also be coming to market.
According to Daren
Blomquist, senior vice president of RealtyTrac, in the Q2 2016 U.S. Residential Property Vacancy
and Zombie Foreclosure Report:
“Lenders have been
taking advantage of the strong seller’s market to dispose of lingering
foreclosure inventory.”
Bottom Line
In most housing markets,
don’t wait for this additional competition to hit the market. If you are
considering selling your house, now may be the time.
Call me anytime to discuss the real estate market 313 999-8900
If you like my blog posts it would mean the world to me if you
shared it with your friends.
Patrice M Miller
Realtor/Associate Broker
ReMax Innovation
313 999-8900 Cell
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