As the first second quarter of the year is near us, results of 2014 real estate market report are in. Overall, NAR members expect a slowdown from the 2013 big growth. Good news, right? Good news in certain states. Home prices are expected to increase over the next 12 months in California, Texas, Florida, and other states with a median price increase of 4%.
A home with a purchase price of $300,000 today could be $312,000 in a year from now.
Keep in mind that price movements depend on the local housing demand and supply, and the access of mortgage financing.
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It's been an interesting real estate year so far and as prices goes up, there is an increase of first-time landlords entering the market. Typically, if a homeowner want to buy a new house, they would sell the old one and use the equity as a down payment. Especially for homeowners who move out-of-town.
With rising rents, there is a new approach. Buy a new house. Keep the old house and rent it out.
Perhaps this is one reason why there is limited inventory for homes for sale.
If you would like a complimentary rental market report for your property, contact us.