I hope you are well, and your families are well. I wanted to drop you a line on a little bit of information regarding housing stats. As of this month, July 2014, housing starts are down, and prices in the valley are starting to “slip” again.
We had a really phenomenal growth period over the last few years, as foreclosure inventory has slowed, and all but disappeared. There are still some distressed short sales out there, but not nearly as many as there were in 2012 and 2013. As a result, general inventories went down, and so prices went up. The valley, in some places, has seen as much as 24% price increases over the last two years, as we fight to make ground again after the collapse(s)? of 2008, 2010, and 2011.
So, what’s the upshot? If you’re at all contemplating selling your home, now is the time to do so, before prices deteriorate even further. The market is currently in a balancing act, where there is increased inventory, but buyers are still buying. This is going to change pretty rapidly however, as more and more people place their home on the market to try to realize these price gains.
Also, we’ve seen more and more investors realize that the homes they have purchased over the years and have rented out, reach their likely maximum price potential for the near future, and they’re offloading inventory. This will likely bring prices down more rapidly, as supply and demand balances out.
If you’d like to check the current value of your home, or talk to us about your next move, just let us know! We’d be happy to help out, and provide you the same great service and professionalism we’ve become known for at The Realty Butler.
Talk again soon!