Since the 2015 housing market calendar year was such a hot topic, many wonder if the home buying season quickly approaching will be of the same avail this year for the 2016 market. According to a recent article in Forbes, all signs point to another hot year of home sales. If you’re currently looking for a new home in Pittsburgh, or you’ve recently moved into a new Parry Custom Home, you are probably well aware how hot the market is still today.
If you are located in an area where the market isn’t as hot, you can still take some reassurance that the market as a whole is improving. Low interest rates and low inventory have helped the start of 2016 begin at a good pace when it comes to home sales this year.
Those living in Costal California can tell you that they’ve seen the housing market at it’s high there as well, with dozens of offers on a home just days after putting a for sale sign in the yard. If you are looking to sell your home in the hot markets this year, it is a good feeling knowing that chances are you wont have much trouble selling your home.
Home values have improved by over 5% at the end of 2015 compared to the previous year. The 20 large city index that is tracked by the S&P/Case Shiller index showed a higher climb in prices, closer to 6%. Inventories have been somewhat smaller than normal thus far this year, which have been driving home prices up. The closer the end of the school year gets, more sellers are likely to emerge in the coming months to take advantage of higher home selling prices.
The housing crisis of 2008 has almost finished healing, leaving most everyone to take a huge sigh of relief. The huge amount of foreclosures has finally cleared and the prices of foreclosures are back to average prices. There is also less debt in the system, since distressed homeowners of years past had to sell and many shifted to renting instead of owning. Since there is less leverage in the system, we can expect less turmoil induced by a cyclical slowdown in the economy.
The biggest positives for the housing sector to remain ongoing are gains in employment and income and very low mortgage rates. Despite the overall recovery in the economy that has incused the Federal Reserve to hike interest rates, long term rates still remain very low and mortgage rates are still down at historic lows.
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.