Crazy Money! Real Estate Values
It’s Crazy Money Day! Homes in many parts of the United States have skyrocketed in value.
Newsmax reported that during April, U.S. home prices jumped the most in more than 30 years. The S&P Case-Shiller index of property values climbed nearly 15% from last year. That followed a 13% jump in March – the 11th straight month for price gains. Prices are expected to remain high in certain cities. A shortage of available homes pushed prices high. Low mortgage rates and a remote workforce desiring suburbs have fueled the market for more than a year. The perception of an improved economy and millennials buying their first homes have further increased sales. In fact, more existing homes were sold in 2020 than in any other year since 2006.
If you’re looking to buy, things may be turning your direction. Realtor.com shows that time-on-market is beginning to increase on some properties. With an increased supply, we may see prices moderate, although a broad price decline is unlikely right now. However, the ramifications of the tragic collapse of the condo in Surfside, Florida will ripple throughout markets. A week prior to the horrifying event, a 3-bedroom condo sold for around $700,000. Now, those in high rises nearby are concerned not only for lost friends and relatives, but for their own safety and property values. Purchasing and selling real estate in this market requires knowledge to make a wise decision.
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