Today’s Housing Market Providing Homeowners a Fresh Start
- Posted by Shane Torres on October 9, 2017 at 1:08pm
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It’s hard to believe how far the U.S. housing market has come since the 2009 crash. In just a few short years, the market has made a complete U-turn. Home prices have skyrocketed, returning to near peak-levels, and as prices continue increase, more and more homeowners are regaining , s.
For many homeowners, the recent spike in home prices marks an opportunity for a fresh start. Millions of homeowners who wanted to sell their homes have been sidelined because they were either underwater on their mortgages, owing more on their mortgage than their homes were worth, or they simply couldn’t get enough for their homes.
At the end of 2012, nearly 10.6 million homes were underwater, accounting for 22 percent of all residential properties with a mortgage. However rising prices have restored equity to more than 5.2 million underwater homeowners. This year, home prices are expected to rise a total of 5 percent which will restore equity 1 million more homeowners.
Until this point, many of these homeowners were trapped, unable to sell until they regained equity. However, rising prices have opened the door for many to to finally list their homes. And when they list, they’re finding that today’s market is a Seller’s Market.
The current 4.6 months housing inventory means there are not enough homes for sale to satisfy the number of buyers in that market (6 month’s supply represents a normal market). For sellers, this represents a fantastic opportunity. Because there are not enough homes on the market to meet demand, sellers are finding they can sell their homes quickly. In many markets, homeowners are receiving multiple offers on their homes, and are able to get much more than the asking price for their homes.
For more information on why you today’s market is great for sellers, read my report entitled “Homeowners Finally Finding a Fresh Start”. You can download the report from my website: http://hosted.cdpe.com/103530.