As the world starts to reopen, the housing market is following suit.
Experts say that this summer will be hot for home buying – which means an increase in listing prices.
Recent data collection from Housing Wire shows that there is signs of stabilizing. ““May’s home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the COVID-19 pandemic,” said realtor.com Chief Economist Danielle Hale. “The fact that home prices are at all-time high shows that the momentum the market had prior to the pandemic has helped to keep buyer and seller expectations stable. Ongoing inventory shortages, that continue to worsen, also push home prices higher even while homes sell more slowly.”
This is something to consider as both a home buyer and a home seller. The market is expected to grow – and with some of the hardest hit pandemic areas being cities, it is likely that a housing boom will start to reach more suburban and rural neighborhoods as new homeowners flock to just outside the city limits.
Food for thought for the weekend. If you would like assistance buying, selling, remodeling your home – or would just like a simple consultation, you can reach us with the contact form or by calling our office
-The Altered Properties Team