A recent NBC News report indicated that while it’s not a “bubble” just yet, home prices are surging in recent months. Over the past year, home prices have been going nowhere but up, which means it’s the perfect time if you’ve been considering selling your Frisco or Flower Mound home.
Through June, home prices have climbed 7.7% according to data on price gains. What does this mean for you, as a homeowner? Buyers are snatching up homes left and right, before prices go even higher! Here’s a little data on home prices from around the nation:
Overall, the biggest gains have been seen in the West Coast housing markets. According to a report issued by the Federal Housing Finance Agency, states such as Washington and California saw a 17% rise in home prices over the previous year.
In Arizona, Nevada, and the surrounding Mountain region, home prices jumped a whopping 11%. The smallest increases in home prices were seen in the Middle Atlantic region in states including New Jersey and New York.
Potential buyers have shown a huge interest in previously owned homes, given the fact that in July of this year, sales rose by 6.5%, the fastest pace in 3 1/2 years according to the Realtors report.
The median price of previously owned homes in July was $213,500 according to the National Association of Realtors, an increase of 13.7% through the first 7 months of this year.
While this is all great news if you’re looking to sell your Dallas home, interest rates continue to rise which means higher borrowing costs could potentially price some buyers out of the market.
Another good piece of news: We all know that the availability of credit tightened substantially when the market crashed in 2008. Now, there are signs that lenders are loosening up a bit, good news for borrowers whose credit standards may not be perfect.
Thinking of selling your Dallas area home? At Team Nelson, we’re always up-to-date on the latest news in the housing market. Now is the perfect time whether you’re a buyer or a seller, so contact our Flower Mound real estate agents today!