By Maria Patterson
The market today represents the perfect storm for both buyers and sellers. Did you know that the median existing single-family home price rose in 133 out of 150 metropolitan statistical areas (MSAs) based on closings in the first quarter of 2013 compared with the first quarter last year, while 17 areas had price declines, according to the National Association of REALTORS®? In the fourth quarter of 2012, a comparable 133 areas showed price increases from a year earlier, greatly improved from the first quarter of 2012 when prices in only 74 metros were up. This is a dramatic shift from what we experienced during the housing crash.
The National Association of REALTORS®’ Home Affordability Index is 191.7. Due to record affordability during the first quarter of the year, the median income U.S. family earns almost double what is needed to purchase the median priced home, interest rates remain historically low, so affordability remains very high.
Bottom line, the economy is improving and buyers are feeling it. Now is the time for real estate professionals to grow their business and gain marketshare by speaking with more prospects and explaining the advantages of buying and selling in today’s market. Those who do will reap the rewards and grow their business faster and more effectively than the competition.
For more information, please visit Century21.com.