I recently re-married and as would be expected, my life has changed in many ways. My home, which I thought I’d be living in the rest of my life, has just gone under contract. Our new home will be in Mack on 125 acres 10 miles from the Utah border!
Selling my house has given me a better sense of the real estate industry in the valley. Last year I thought the real estate market would rally and be the savior of our economy. All those folks who’d been sitting on the fence since the recession just waiting for the right time to buy a house; surely they would be driven back into the real estate market at the threat of rising interest rates and housing prices nudging up. Not so. China and falling oil prices fixed that.
This year, as a home seller and financial advisor, I still stand behind the idea that rising interest rates and home prices could make this a pretty good year for home sales. And rising home sales in turn will be good for the economy. But that will only be the case if the supply of homes can keep up with demand. If not, the price of homes will continue to rise and may drive some buyers out of the market. While inventory seems to be improving, the lack of homes for sale remains a concern. According to our realtor, there’s only about a 2 month supply of houses for sale in the valley in many of the price ranges. This is also the case for most places in the country. My house sold after being on the market for two weeks, helped by the fact that there weren’t a lot to choose from.
For the most part, this is encouraging news for the economy and for people who are selling their homes. If you or someone you know is considering buying a home, this may be the year to make a move before you get priced out.
Linda Eden-Wallace is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice.
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