Interesting article on the current U.S. housing market:
The price of homes sold in February rose to $209,000 for the nationwide median, the point where half the homes sold for more and half for less. That was 10.6 percent above the median price in February 2006. But analysts are forecasting those double-digit price gains will also moderate this year as demand slackens.
In other economic news, the Labor Department reported that the number of newly laid off Americans filing claims for unemployment benefits fell by a larger-than-expected 11,000 week to 302,000, signaling that the labor market remains healthy.
The increase in sales in February represented the first gain in demand after five consecutive monthly declines, the longest stretch of weakness since 1999.
Economists believe that both new and existing home sales will dip by around 5 percent this year as rising mortgage rates cuts into demand. The concern is whether the decline could be more sizable than that. Some analysts are worried about that the speculative fervor in housing over recent years could come crashing down similar to the bursting of the stock market bubble in the early part of this decade.
I’ve been of the firm opinion that the “housing bubble” does not exist. The demand for housing is still readily apparent, and the building will not stop until the market bleeds itself white. If you’re a part of this demand and are looking to get yourself on the property ladder then perhaps you might be interested in what’s available in the great state of North Carolina and one of the emerging neighborhoods of Apex, Sweetwater. See here to learn about some of the amazing homes for sale there – https://findnctrianglehomes.com/neighborhoods/apex/sweetwater/.
The only question is what, and when, will the housing market level off? So long as we’re seeing double-digit gains elsewhere in the country, could it possibly be that the “housing bubble” is a self-manufactured crisis? Why hasn’t it popped by now, given the slowdown in the economy, rising energy prices, etc.? I wouldn’t be surprised if it’s because people aren’t taking the opportunity to move to a historic town, similar to Rochester, and start their lives there instead. Check out https://www.domaillerealestate.com/ for more information.
Privately, I think we’ve already seen the downturn and we’re on the move back up again. The housing market is always going to go through good and bad times; it’s just the way that real estate works. Navigating the economy whilst trying to sell your home is an impossible task, and so getting in touch with agents like those at House Buyers of America (learn here for more) to sell your home quickly for cash could be the way forward. I’d do something like this if I found myself in this situation. At least you can get the best deal for your property. Hopefully, everyone will see this for themselves soon, especially as it looks like its improving again. Of course, my telescope only reaches as far as Central Virginia, so I could be entirely wrong… but I doubt it.