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2015 high demand-sellers-market
It’s August and the sun isn’t the only thing that’s hot.
Kids are going back to school, vacations are ending, temperatures are rising and the housing market is steaming, especially for sellers.
The real estate industry, normally slower at this time of year, is now on fire. Low interest rates, lower-than-normal supply, and a rebounding economy have sellers of all ages diving into the smoking market. As kids across the state and nation arrive to their first day of school, realtors everywhere are scrambling to get folks into homes before parents become burdened with homework, quizzes and the usual paperwork that comes with the first few weeks of school.
Summer continues to get shorter, and Real Estate agents feel the pressure, especially with an in-demand housing market on their shoulders.
And it seems the summer momentum is not showing any signs of fizzling. Days ago, Fannie Mae released its July 2015 Housing Survey, showing a renewed optimism among its participants. More than 65 percent of those surveyed said they’d rather buy than rent, even while knowing home prices are predicted to continue to soar.
Home prices. They’ve been climbing, and they haven’t stopped since 2012. During the past 3 years, prices have soared by 27 percent. This is great news for sellers and would-be home buyers and investors. Combine this solid return on investment with historic low interest rates, and all is well. Or is it?
Nothing lasts forever… Just like Guns N’ Roses sang, “November Rain” is expected to bring change.
The Federal Reserve is predicted to raise federal fund rates this fall. This act will likely affect our low mortgage rates. The National Association of Realtors (NAR) predicts mortgage rates will rise in the next couple months.
In spite of the short window about to close, homes are staying on the market longer. In fact, houses across the nation are being left on the table 7 percent longer.
Realtor.com’s Chief Economist Jonathan Smoke isn’t worried, though.
“It’s typical to see a slackening in the pace of market activity during this time of year, due to back-to-school and the ‘Dog Days’ of summer,” Smoke said. “Increasing median days-on-market suggests the market is finding more of a balance, but demand is still strong. This bodes well for more moderate price appreciation in the months ahead.”
Knowing the window of opportunity is soon closing, right now is a great time to be a home buyer or home seller in West Virginia. The Mountain State recently earned the No.7 spot for Huffington Post’s most desirable states to get a mortgage loan.
“West Virginia’s mortgage rates are better than most, with its average 30-year rate about on par with the national average balancing out its average 15-year rate, and housing costs remain low in this state,” the report states.
The door of opportunity could soon be closing. What are you waiting for?
WV Real Estate Photographer Justin Waybright & WV Real Estate Agent Chuck Boggs
