Wealthy Americans

realtor_logo

The National Association of Realtors just came out with a new article about how the consumers confidence regarding the real estate market has grown over the past 18 months.  However, as home values appreciate, the pool of buyers is dwindling due to affordability.  You can read the article in its entirety here:

Americans Are Feeling Wealthier, More Upbeat

Meanwhile, here in Minnesota the consumer confidence is still very strong with many homes surpassing buyers expectations.  Homes, listed appropriately, sell within 30 days of hitting the market, but now that we are heading into the summer travel season, both buyers and sellers can expect homes to be on the market a little longer.  We are already starting to see the average marketing time grow to 45 days.

What can we expect over the next twelve months?  Well if projections hold true, sellers can expect an average appreciate of approximately 5% over the next year with the most growth occurring in Minnesota; California; Nevada; Utah; Michigan; Tennessee; South Carolina; Georgia; and Florida.  While sellers can expect increased values, buyers can expect higher interest rates but also less stringent lending policies.  Point in case Wells Fargo recently launched a new product called “YourFirstMortage”, which you can read about here:

YourFirstMortgage

The predictions overall bodes well for the next real estate cycle; for buyer and seller alike.

 

Leave a Reply

Your email address will not be published. Required fields are marked *