Things are looking up as Realtors® project the number of homes on the market to increase in the coming months. With investors stepping away, traditional buyers will have an opportunity to find a home without cash competition.
With prices skyrocketing over the past few years, sellers are listing and buyers are still taking advantage of lower interest rates. With prices on the rise, investors are getting out and buyers are trying to sneak in before home prices get too high. Sale prices have already jumped more than 30 percent, on average, throughout The Valley.
The jump in home prices means fewer underwater mortgages in the metro area, as well as fewer foreclosure listings. Sellers, and lenders holding foreclosure, have held the advantage across the nation, but that could soon swing to the buyer’s favor.
An increasing number of homeowners are projected to list their home for sale in the next six to nine months. So, with those increased listings, buyers will have a large pool to pick from and more negotiating leverage. This should slow the rise home prices, but still allow for buyers to see an equity position in the near future.