Just a few months into 2018 and the housing market is already heating up. According to the National Association of Realtors, sales of existing homes are up over 3% and new construction is being purchased almost as soon as construction begins.
The majority of sales were in the South where numbers were up 6.6% according to economists at Reuters.
Homes are not on the market long! In February, the average days on market was 37. Forty-six percent of homes sold last month were on the market for less than 30 days.
The Federal Reserve increased interest rates with an expected two more increases by the end of the year. Buyers looking to enter the market are trying to do so before the other mortgage rate increases.
Inventory remains low with new construction being snapped up quickly! The number of new home starts in February increased dramatically – up from its previous high in 2008.
Tight inventory and increasing interest rates can make the cost of entering the housing market higher. However buyers with a home to sell are often getting higher prices on their existing properties. Entering the market before inventory decreases and interest rates rise is a great way to get ahead of higher costs! The time to buy is now!
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