Double-digit annual price increases are shown by a CoreLogic home price index as well as the highest month-over-month growth in the current environment. According to the report, the national rate of appreciation was 11.3% in March, while rates were up 2% from February. There were no states where premiums fell year over year, with Idaho, Montana and Arizona having the highest values.
The spring home-buying season in 2021 is on track to outperform patterns in 2019 and 2018. Millennials are boosting interest, with 54% of home-buying applications in the last year coming from them.
Younger millennials are approaching peak home-buying years, while older millennials are looking for move-up opportunities. As we move into the second half of the year, more deterioration of affordability may dampen buying demand as potential buyers compete for the severely reduced supply of for-sale homes on the market. As more residents get vaccinated, construction may speed up and there could be more for-sale listings, which should continue to stabilize rising house prices.
Compared to their more costly rivals, lower-priced homes are in high demand and insufficient supply is pushing up costs higher. First-time buyers looking for a starter home priced 25% or less below the local-area median saw rates rise 15.1% in the last year, relative to our national index’s average 11.3% increase.
According to CoreLogic HPI Forecasts, growth rates would steadily decline. Prices were forecast to rise by 1.1% between March and April 2021, then fall by 3.5% by March 2022.
If you are a homeowner, these trends could create an ideal situation for you to sell.
5 Tips if You’re Looking to Sell Quick
Time your entry into the market. The housing market follows a reasonably predictable pattern during the year. If you want to sell your home fast, the earlier might be the better.
Make minor home improvements. When you’re selling a house, set aside a realistic budget for minor modifications that may give you a lot of bang for your buck. Consider whether restoring or replacing pieces that appear worn or dated will improve your sale price or help you get a quicker deal.
Invest in advanced photography. The first thing a potential buyer sees are the pictures of your home and they might influence whether or not they schedule a viewing. Good real estate photography should highlight your home’s greatest features while still making the atmosphere feel as warm and as inviting as possible.
Your home should be staged. The staging method includes some decluttering and depersonalization, but not all of it. Your house should be furnished in such a way that shows the greatest features to sell quickly.
Set a reasonable price. Everyone wants to get the most money out of their home sale, but it’s essential to keep things in perspective. What you paid for the house is less important than what the market dictates at the moment, particularly if you want to sell quickly. Although you don’t have to underprice your home to sell soon, you should work with your real estate team to find a price that fits the current market.
If you’re looking to jump into the real estate market, I’d be delighted to assist you with a home loan. Let’s team up to find your ideal home.
Email me at kyl[email protected], or give me a call at 916.880.8059!