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Home Price Peaks Increase All Over the Country
We like to keep our readers informed on the recent real estate market trends. While we know you can get this info from other trusted resources, that we also rely on, we like to offer our internal perspective on these updates to break it down and give you more insight. With that in mind, we’re taking a look at the recent report from CoreLogic about home price peaks in the U.S., and what this might mean for homebuyers here in southern California.
Despite the housing “For Sale” signs you may see in somewhat of an abundance, there’s actually a limited inventory of homes in many of the desired metropolitan and surrounding areas throughout the country, according to the experts at CoreLogic. This limited inventory is driving home prices higher, and some states have peaked higher than ever before. There are 10 states that topped the list of record breaking price peaks, which include:
- New York
- North Carolina
While California isn’t in this mix, this price increase isn’t something to ignore. As a quick side note, if you have friends and family who live in or are looking to purchase a home in these states, this information is absolutely worth sharing with them.
There’s no denying that home supply and demand is driving the market, and home prices are increasing nationwide. In fact, while California isn’t listed above, we’d like to note that Frank Nothaft, CoreLogic’s chief economist, stated that,”Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year.” Coastal northern and southern California regions are easily comparable where real estate is concerned, give or take the relative cost of living. Bringing us to our point, which is that every state is feeling this increase thereby raising an important question for potential homebuyers… should you buy now? If you’re in the market our advice would be a resounding “yes!”
Interest rates are still in an attractive range which could keep your mortgage within the comfort zone of your intended budget. While we can’t predict the future, should interest rates and home prices increase, these potential factors could take you beyond what you were hoping to pay not only on a monthly basis, but in the overall price of your home throughout the life of your mortgage…if you decide to wait.
For more of our perspective on this subject read our recent blog, “Waiting Until 2016 to Buy a Home? Some Facts to Consider.”