Milestone Germantown MD | Home Prices Up 7% from Last Year

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According to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

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Milestone Germantown MD | Home Prices Up 7% from Last Year

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This coming year the housing market will be defined by 3 things- inventory, interest rates, and appreciation. But the biggest issue the housing market will face in 2020 is an inventory shortage. There aren’t enough homes on the market for buyers, especially on the lower end of the market. Read More: https://www.reallynicehomes.com/sell-my-house-in-md-the-biggest-issue-facing-housing-next-year/

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Some Highlights: Existing Home Sales are currently at an annual pace of 5.46 million. The inventory of existing homes for sale remains below the 6 months needed for a normal market and is now at a 3.9-month supply. Inventory remains low due to high demand from buyers who are still looking for a house to buy! Read More: https://www.reallynicehomes.com/sell-my-house-in-md-buyers-are-looking-for-your-home-infographic/

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Some Highlights: With interest rates around 3.75%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low! According to Freddie Mac, rates are projected to increase to 3.9% by this time next year. The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan. Maybe it’s time to lock in now, while rates are still historically low. Read More: https://www.reallynicehomes.com/sell-my-house-in-md-the-cost-across-time-infographic/

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Some Highlights: The National Association of REALTORS® surveyed their members for the release of their Confidence Index. The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices, and market conditions. Homes across the country are selling quickly, in an average of just 31 days. 49% of homes sold in less than a month. Read More: https://www.reallynicehomes.com/sell-my-house-in-md-homes-are-selling-quickly-infographic/

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Some Highlights: An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices! Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months. Read More: https://www.reallynicehomes.com/sell-my-house-in-md-a-tale-of-two-markets-infographic/

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