Properly Ponte Vedra Real Estate News From Jacquelyn Bates Coldwell Banker Vanguard Realty
Fall 2017
The Glory Days Are Back-Boom or Bust? Ten years after the real estate crash that precipitated the great recession and the concurrent misery that followed, there are similar signs around. Headlines tout fast rising home prices, but with decreased inventory, fewer sales. Builders not building as many new homes, but sales of new ones available in October at the highest level since October ‘07. Houses being bought to renovate and flip. But according to Danielle Hale, chief economist for Realtor.com®, today’s market dynamics are different from those a decade ago. Rising prices didn’t cause the housing crash. Rising prices were stoked by subprime and lowdocumentation mortgages as well as people looking for short-term gain. Today’s housing market reflects much tighter lending standards and historically low for-sale inventory. In 2016, flipping accounted for about 5% of sales, versus 1.8% to 20% in 2006. Builders are not chasing profits by overbuilding. Unemployment is at a 17-year low, at a rate of 4.1%, creating more jobs and house builds, but not giving enough places to live. Hence higher prices. And while not every area has recovered to the same degree, our local market seems healthy. And more boom that bust. Courtesy of Realtor.com
Why Aren’t More Homeowner Becoming Sellers? With a seller’s market in many places across the country, why are so many homeowners reluctant to sell? Nearly 80 percent of more than 1,000 homeowners recently surveyed say they believe now is a good time to sell a home, yet many don’t plan to list their homes anytime soon. Numerous would-be sellers say they’re holding off because of the high price they’d have to pay for their next home, according to ValueInsured’s latest quarterly Modern Homebuyer Survey. Out of the homeowners who say they’re interested in selling their home to upgrade or downsize, the survey found: 72 percent say they are concerned with timing the real estate market 63 percent say now is a good time for them to sell, but not to buy, due to high home prices 61 percent are “waiting until prices to buy are better to make a move”
But on a brighter note, 57 percent of surveyed homeowners interested in selling and moving say it’s likely that they’ll eventually move from their current home within the next three years. Courtesy of ValueInsured.com
Good Morning, Ponte Vedra Beach
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