Now open your mouth and say, "Ahhhh... really want to buy a home." Just as regular wellness checkups are important to your health, checking in on housing trends are essential to your real estate-of-mind.
In case you missed it, check out our recent post, 'The Value of Your Home Could Be Soaring!' for the latest local year-over-year housing statistics. Whether you're thinking of selling or not, you should always understand the current value of your home.
About six months ago, back in December 2013, we spoke of 2014 being a transition year. Our predictions included prices and interest rates continuing to rise, with higher-than-normal home prices would benefit sellers. Lower-than-normal interest rates would benefit buyers. For the most part, these trends have been true to form.
But what should you keep an eye on in the coming months? A few big factors to watch over the next six months and beyond are:
- First time buyers - often an indicator of housing health, first time buyers have been an elusive bunch due to difficulty in getting loans. This group is worth watching as they make their way into the housing market.
- Job gains - Home sales have steadily increased, but job incomes need to keep pace in order to keep homebuyers in the market.
- Interest rates - Existing homeowners have often chosen to refinance or rent out their homes to hold on to low rates. But rising rates and sales may shift by lenders to focus on loans for purchasing homes rather than for refinancing.
- Lifestyle - More and more people are leaning towards a healthy lifestyle, and that includes walkability to public transportation, bikeways, and parks. Homes in these areas will increase in value.
If you're looking to buy, the Massachusetts Association of REALTORS® has reported that more homes have come on the market during the month of May than any other time since 2007.
"With new listings up significantly in May, overall inventory has the potential to move in a positive direction in the months ahead," according to 2014 MAR President Peter Ruffini.
Sellers are making a move, and things may be looking up for buyers. Sound interesting? Take two deep breathes and call me in the morning.
*image via: Wikimedia Commons: Stethescopes