Well the news is out and it’s good.
According to USA Today, home prices rose 7.5 percent last year, which is the largest increase in home prices in six years. The better news for those planning to sell their house is that home prices are projected to rise another 6 percent in 2013.
It is projected that rising home prices should encourage more sellers to list their homes for sale as sellers have more confidence in the real estate market. Additionally, the supply of homes for sale fell to 4.8 months in November 2012, according to the National Association of Realtors, which is the lowest level in more than seven years. A six-month supply of homes for sale is considered a balanced market (aka equilibrium between buyers and sellers.)
Homes that didn’t move for a year started getting activity as buyers came off the sidelines, their confidence in the housing market and their financial situations greatly improved.
That confidence, coupled with record LOW interest rates and rising rents, has been the fuel the real estate market needed. Add to this the low inventory seen in Pittsburgh and you’ve got buyers motivated to make a purchase. We have even seen multiple offers on homes in 2012 and the trend has also been seen in 2013.
2013 might be your year to sell. Start planning, engaging professionals and doing as much of the legwork as soon as possible. You only have one chance to be “Just Listed” in this new market.
Give the Hampton office of Coldwell Banker Real Estate Services a call at 412-487-0500 or 724-443-7262. Danielle Seals, Sales Director