It may not come as a surprise, but as part of my daily routine I wake up and turn on CNBC and FOX Buisness to see what the markets are doing. This morning on "Squak Box," the CEO of K. Hovnanian Homes - a new home builder, similar to JTS or Shea was on talking about home prices. He said, "Hovnanian had increased sale prices in 60% of their communities this year." ... that, "Home prices are on the rise and potential buyers may look back and regret not taking advantage of today's low rates and good affordability..."
I decided to blog about the topic because I was just looking at my own home sales stats and saw the same thing happening.
Back in January the average price per square foot for a home I was selling was $ 103.00... today, the average is $ 117.00. That means a 2,000 square foot home that sold in January for 206K would now sale for 234K! That's an increase of 28,000 in just 11 months! Although this is great news for sellers - what this means for buyers is, 'You need to get your finances in order and get qualified ASAP! I know it's December and almost Christmas, and you still haven't bought a gift for your wife's sister's cousin's dog, but forget about that for a moment and focus on YOUR FAMILY'S future! NOW IS THE TIME!!!
Owning a home for your family needs to be a priority. Especially because right now interest rates are super low, and home prices are on the rise! Lock into the good rate and good price now! If home prices rose $28,000 in 11 months - imagine what the increase will be in 18 months - 24, 36? Don't hold off and look back and kick yourself for not making owning a home a priority.
AND, if you're putting off getting things in order because you have a shortsale or foreclosure on your credit - DON't!! Stats show that "boomerang buyers" - those who have went through a foreclosure or short sale - make up a good majority of buyers looking and ready to buy again... So reach out to a lender and see if you can be one of them. In my experience if it's been 2-3 years since your shortsale or foreclosure, you may be ready. LOOK INTO IT!
If you have questions about buying, selling, need a good lender, or just want to shoot the shit about real estate, call me! I'd love to help you make your next move!
til next time,
Chris
916-834-7003
