Springtime means greener grass and trees and blooming flowers. It also means blooming in the real estate market; spring is traditionally the busy time for real estate agents and brokers, when sellers put their homes up for sale and buyers hit the market to start looking for a new home.
This spring should be no different; in fact, the market started heating up in February and experts predict this spring to be busier than usual. Mortgage giant Fannie Mae predicts this season to be the strongest real estate season since 2007.
Home buyers, first-time, move-up or downsizing, need to be aware of what’s happening in the market, so the real estate pros at the Equifax Finance Blog shared some of their top three real estate trends to watch this season in the article, “Real Estate Trends to Watch this Spring.”
1. Home prices are on the rise. Home prices have been on an upward climb for the past few seasons. Home prices increased by 8 percent from early 2012 to early 2013—the most since mid-2006. Buyers shouldn’t be too worried that prices will just keep going up and up that fast; in fact, according to the article, prices will likely fluctuate up and down in communities across the U.S. Richmond luxury home buyers can rest assured though, that the homes in Boone Homes’ communities will be at the best value and the highest quality.
2. Housing inventory is limited. Fewer homes are on the market for sale at any given point in time right now than they have been in the past. The March 2013 housing inventory, according to Realtor.com, was down by more than 15 percent from 2012. Tighter inventories mean buyers are willing to pay more for their home, thus contributing to the overall rise in home prices. Many homeowners still cannot afford to sell their homes until prices rise even higher (especially considering the cost of selling a home is expensive); and this is especially true for the estimated 13.8 million homeowners whose homes are worth less than the mortgage amount owed on the home. At Boone Homes, we have plenty of Richmond new home options throughout Henrico, Goochland and Chesterfield counties.
3. Interest rates remain low. Good news for buyers: interest rates are still at historically low levels, keeping homes affordable, despite the increase in home prices.
Now is a great time to purchase a Richmond new home. For more information on all of our beautiful communities, visit www.BooneHomes.net.