Here at Ross Bridge, we love to follow trends – especially trends in real estate! With the incredible and continuous recovery of the economy this year, it’s been our favorite saga to follow. Luckily for us, it’s been all good news! Here are some of our favorite high points currently driving the housing market:
Home Prices: Home prices have risen significantly this year, even more so when compared to last year. Rising home prices signal a healthy, growing economy and brighten the outlook for many. Better yet, they’ll continue to grow, but at a slower pace. Cooling prices allow future homeowners to find the perfect house at their best price, urging more into homeownership! In any Ross Bridge neighborhood, home shoppers can find a home that suits their needs and more at the ideal price.
Mortgage Rates: Mortgage interest rates seemed to jump around throughout 2013. As of late, they’ve been declining at a steady pace. The U.S. average rate on a 30-year fixed-rate mortgage will continue to fluctuate, eventually hovering between four and five percent. Locking in one of these historically low and favorable rates now potentially means paying less over time!
Communities: More and more homeowners are looking for communities that offer the most to their residents. A golf resort community, like Ross Bridge, is exactly where people want to buy. Moving into a new home in any Ross Bridge neighborhood allows the homeowner to have access to the Robert Trent Jones Golf Trail, The Marriott Renaissance Ross Bridge Resort & Spa, swimming pools, walking trails, and plenty of playgrounds and green space.
Time on the Market: Homes, especially new ones, are spending less time on the market. This September, they spent a median of 86 days on the market, down from 116 days in September 2012. According to Dr. Stan Humphries, Chief Economist at Zillow, “The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market. This demand has been fueled by huge resets in home prices since market peak, historically low mortgage rates and a slowly improving broader economic climate.”
A Buyer’s Market: With low mortgage rates and slowing home prices, it’s certainly a buyer’s market. If you can’t tell from our last couple of blog posts on Birmingham metro area home sales, our local market is doing extraordinarily well. This might possibly be one of our favorite trends of 2013! It’s always the right time to buy a home in Ross Bridge, but who knows who the market will favor next year? Smart homebuyers everywhere are taking advantage of the encouraging market conditions before they change!