The real estate market appears to be going through a boom at the moment with home prices on the rise. It’s becoming a real sellers market , but where does that leave prospective buyers?
Per an article on Zerohedge, US home prices are up 6.07% year over year. This represents the fastest growth since June of 2014. The top three markets in terms of YoY price appreciation are:
- Seattle (Up 13.2%)
- Las Vegas (Up 8.6%)
- San Diego (Up 7.8%)
All major markets have seen a marked increase in home prices over the past year or more. Unfortunately, the increase is outpacing wages at an alarming rate. And while an increase in value is music to a prospective seller’s ears; it can be bad news for buyers.
“Home-price increases appear to be unstoppable,” said David Blitzer, chairman of the S&P index committee
If you’re a prospective home-buyer, seeing home prices on the rise isn’t the best situation to find yourself in. However, you may be surprised to learn that this is still a great time for you to buy.
With the Fed expected to raise interest rates in the near future, mortgage rates will be increasing. In fact, there may not be a better time than right now!
Don’t Get Frustrated. Get Savvy.
That’s where City vs City can help. With our powerful cost of living calculator you can see the true cost of living in your prospective city. Compare your current zip code with the city you’d like to move to, add your income and expenses, and let our powerful app do the rest!
The results may surprise you. So whether you’re a would-be home-buyer looking to settle down or a current homeowner who’s interested in selling and moving on; City vs City has the tools you need to make an informed decision on your next move.