Thursday, July 1, 2021 / by Todd Dawes
WASHINGTON (AP) – U.S. home prices rose in February at the fastest pace in nearly seven years as strong demand for housing collided with a tight supply of homes on the market.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 11.9% from a year earlier, the biggest gain since March 2014. The index had also surged – 11.1% – in 2021. The gain was about what economists had expected. If you are looking to buy or sell work with an experienced real estate professional that has a proven track record and will guarantee their offers in writing! So many have been reluctant to put their homes on the market during the pandemic for safety reasons and it has strained the supply of homes for sale even further. Matthew Speakman, economist at a leading real estate firm, said that listings of homes have begun to tick up, potentially easing the supply shortage. If that continues, “the meteoric rise in home prices may finally have a reason to come back down to earth. For now, red-hot home price appreciation shows few signs of cooling,” Speakman said in a research note. The Commerce Department reported last week that sales of new homes shot up nearly 21% in May to the highest level since 2006. The key for sellers will be to make sure your realtor markets your property by creating high demand and a sense of urgency for buyers to buy your home quickly. This often results in a bidding war and will provide you multiple offers above asking price. The key for buyers is to make sure you are the most qualified buyer with the best offer possible. Remember we are still experiencing record low interest rates which translate into low monthly payments. Waiting to buy until next year could cost you thousands of dollars. - The Associated Press, Paul Wiseman, A