If you’re a current home owner who is wondering whether to enter the Barrington real estate market, we’re here to tell you that now is a great time to do so!
Here’s the top reason why home owners should list their home right now: Home prices are on the rise!
that home prices have increased 7.7 percent in the year through June.
Home buyers wanting to enter the market before prices climb even higher have only encouraged this upward momentum.
What Else Home Sellers Should Know About the National Market
NBC News revealed even more interesting data about the current state of the national housing market and its submarkets:
- The Federal Housing Finance Agency reported that June home prices were 17 percent higher than a year earlier in the Pacific area, including California and Washington.
- In the Mountain region (which includes Nevada and Arizona), home prices increased 11 percent.
- Meanwhile the Middle Atlantic region (which includes New York, New Jersey and Pennsylvania) saw home prices increase by 2.5 percent.
- The National Association of Realtors reported that the median price of previously owned homes increased 13.7 percent for the year through July. That figure was $213,500.
- Sales of previously owned homes increased by 6.5 percent in July to the fastest pace since November 2009.
- The inventory of homes for sale is around 5.1 months nationally right now.
Experts do caution that higher borrowing costs may end up pricing some buyers out of the market, consequently slowing the pace of home sales. ## see note below.
For instance, mortgage applications for both home purchases and refinancing decreased for a second straight week recently as rates increased, according to the Mortgage Bankers Association.
Still, experts note that home prices are still relatively affordable by historical standards in most local markets, encouraging continued activity.
They added that the continued increase in home sales and home prices will depend heavily on the health of the overall job market.
National Versus Local Real Estate
Check back soon for more updates on the current state of the national housing market and how it’s affecting local markets in your community. For Barrington Illinois I am not sure the rises in mortgage rates will really affect much of our market. With Jumbo rates becoming very close to regular mortgage rates, getting that higher loan is not as painful, and buyers will take advantage of the low rates before jumbo rates rise.
Note## Last I looked the 30 year fixed rate was 4.625% and the jumbo, over $417,000 loans, was 4.75%.
Whether you’re a home buyer or home seller, we’re here to provide you with valuable information that will help you navigate the market.