Real Estate Update
By Michael Ardolino, Broker-Owner, Realty Connect USA
Early Fall 2017
2017’s hallmarks-low rates, tight inventory, and rising prices-should continue in the 4th quarter.
- The 30-year rate recently reached a new low for the year of 3.78%, so for now buyers can still take advantage of exceedingly low rates. Even if the Fed does begin to raise rates on a more regular basis, the increases are likely to be incremental.
- In 2016, the recovery was uneven. In 2017, we have enjoyed sales activity across all market sectors, from starter to luxury, promoting a healthy real estate cycle. This sets the scene in a positive way for the fourth quarter and for 2018.
- Low inventory remains a nationwide trend. In our area, we have a 3.5-month supply of homes for sale. Current homeowners, this seller’s market represents a huge opportunity to free up your equity and use it to purchase your next home. Don’t wait until you are priced out of it. (See Exhibit 1.)
- Real estate is an integral part of the American Dream according to 79% of Americans, and confidence is way up. (See Exhibit 2.) Investing in real estate remains the best way to build wealth over the long term.
- According to a recent National Association of Realtors survey, 84% of Americans view buying a home as a good financial decision, the highest percentage since 2007. This is a vibrant illustration of the real estate recovery.
Sellers, now is an excellent time to list: Buyers are competing for the most enticing properties-particularly those that are priced right. First-time buyers are in the game, older millennials are moving up, vacation homes are back, and boomers are ready to downsize. Also, like many potential sellers, you may have more home equity than you realize. This is your market.
2017 Team Ardolino has 112-Homes In Contract/Sold…