It can be a good idea to look at the national housing market and not just in Cincinnati. It gives us some perspective on the broader home trends. 2015 was a good year for housing overall, with home prices increasing across most of the U.S. according to the National Association of Realtors (NAR). Now 2016 is an excellent year to sell!
The study showed that the median existing single-family home price increased in 145 out of 179 metro areas. In fact 30 metro areas experienced double-digit price increases! What was encouraging was that 89 percent of the markets tracked in all of 2015 saw increasing home prices.
More Housing Demand and Not Enough Homes For Sale
According to Lawrence Yun, NAR’s Chief economist, an inadequate supply of homes and increasing demand are pushing prices up. So if you are curious if now is the right time to sell your house contact me!
According to NAR’s Midwest market report, existing-home sales decreased 6.9% while the prices increased by 6.0%. I see the this reality of this study and how it is impacting our local Cincinnati real estate market.
Buyers Who Work With Active Agents Will Be At An Advantage
NAR President Tom Salomone, says that as of now, the leading challenge for buyers in 2016 continues to be insufficient supply with demand holding steady through the winter months. “Serious buyers should be prepared to act fast, and remain in close communication with a Realtor® to deploy a negotiation strategy that fits their budget. Even in these typically slower winter months, listings in affordable price ranges are going under contract quickly.”
This is the spring to sell your home! Low supply and rising prices mean great news for home sellers. So if you have been thinking of selling now is the time to contact me!