Here’s this month’s video, and link to the report below. I apologize for the beard, but I did a pretty good Obi-Wan for the Star Wars movie. 🙂
Overall, it looks like we’ll be pretty close to around 10% appreciation year-over-year. Every month the number changes, but the overall trend floats around that level.
People often speak of bubbles, and they ask when pricing may start to cool down. I often wonder that myself. I say this a lot, but I’m not sure I would pay what my house is currently worth. That may sound strange coming from someone in the real estate profession – there’s an expectation that we’re always ready to sell a house, and the future is always bright – but if you can count on one thing from me and from The Charlton Advantage Team… it’s the truth.
Long-term, it absolutely makes sense to get into the market. But if it’s more short-term, think carefully before buying your first home.
And if you already own a home and want to move up or down in the market, as long as you’re doing them both within a short time frame, you’ll be fine regardless of the market… because not much will change in a short time window. Provided, of course, that you’re financially responsible and don’t bite off more than you can chew.
The two conditions that normally precipitate a bubble are three years of double-digit price increases in a row, plus large groups of buyers purchasing on speculation.
We’re close but not quite there on both of these. So it’s really hard to say. When interest rates start rising, it will certainly put pressure on prices, but in the meantime we’re expecting 2016 to continue where 2015 left off.
Enjoy the report below, and if you’d like our help to move to your next home, just reach out and we’ll be there, like the Four Tops.