The Heat is On! Home Prices Go Up, So does Competition

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The Market Keeps Heating Up

BUYERS face BIDDING WARS

6/4/2013

Simple economics:

Increased demand with very short supply drives prices up.

What is happening in the market now is Exhibit A of this scenario.

Regarding rising home prices:

U.S. home prices – UP 12.1 percent in April from previous year.

This marks the highest increase  since February 2006

More buyers are competing for a smaller pool of homes – just like back in ’06.

prices rose in April 2013¬† from April 2012 in 48 states. Price also rose 3.2 percent in April from March The previous month-to-month gain = 1.9 percent…

(info from real estate data provider, CoreLogic)

These are the facts.

Regarding the small supply of available homes:

More potential buyers have been seeking to purchase homes. But the number of homes for sale is 14 percent lower than it was a year ago. The supply shortage has contributed to the price increases.

CONCLUSION?

The time to pull the trigger is now, not later.

No lollygagging or thinking things will be different if you wait — they will be, only higher. That goes for here in Boca Raton and Delray Beach and everywhere else.

Have an FHA, VA, Conventional loan?

Put an offer in now. You’re competing with cash. And the saying holds true: Cash is King.

 

Any questions, you know where to find us! We are the experts who will make sure your deal gets through.

561 208 1382