We’re still in a buyers market. The question is for how much longer? The National Association of Realtors said last Thursday: it’s becoming a seller’s market. I haven’t seen that happening in Myrtle Beach yet but I have started to see some multiple offer situations as well as some properties selling for more then the asking price. This January there were 39 closed residential transactions comparing 27 from 2012. That’s a 44% increase! With condos 104 closings in January 2013 and 84 from 2012 for almost a 24% increase. January is supposed to be our slow month.
Also, among some of Fannie Mae economists projections for this year:
- Home prices: Fannie Mae economists predict that the median price of existing homes will increase 2.3 percent on an annual basis this year, reaching $181,000. The median price of a new home will likely increase 1.6 percent to $248,000. For 2014, economists predict that home prices will increase an extra 2.8 percent.
- Home sales: Existing-home sales will likely rise 11.5 percent in 2013, and new-home sales will rise 12.5 percent, economists predict.
- Mortgage rates: Rates will likely edge up slightly this year with 30-year fixed-rate mortgages projected to average 3.8 percent this year and rise to 4.4 percent in 2014
The bottom line is, while there is still a lot of uncertainty in the economy, don’t miss what’s left of this buyers market.
For More info:
US Home Prices Climb in December, Best Yearly Gain Since 2006: S&P/Case-Shiller
U.S. single-family home prices picked up in December, closing out 2012 with the biggest yearly gain in more than six years as the housing market got back on its feet, a closely watched survey showed on Tuesday.