Home inventory is down and demand is up. Home prices are good and mortgage rates are low. This combination keeps homes very affordable. However, underwriting standards remain tight, which means it can be difficult to get approved for a home loan.
Lawrence Yun, chief economist for the National Association of Realtors reports, “Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity, and In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices.”
According to Trulia, we are inching towards a normal housing market. In March 2013, Trulia said, “Construction started rocketed to a new post-bubble high, existing home sales went down a big, and the delinquency and foreclosure rate dropped yet again.”
With the housing inventory low and buyer traffic increasing, it is still leaning towards a seller’s market. A balanced market is considered to be over 6 months of inventory.
For more information about our local real estate market call or email (360) 481-3614 or firstname.lastname@example.org
By Kimberley Bauman