This national report focuses on two significant factors: strong economy and low inventory. These dynamics are the foremost drivers of today's real estate market.
First, we started 2018 with a robust and growing economy. Four strong markers that positively impact real estate include:
Second, we have extremely low inventory in just about every market in the country. Joe Kirchner, senior economist for realtor.com announced: "The macro-factors that have defined real estate in recent years - strong demand and weak supply - continue to set the tone for the industry." The national inventory fell to 8.8% in 2017 - down about 2% from 2016. Real estate is a supply vs. demand business. Low inventory with strong demand has driven prices up.
Home ownership continues to be a major vehicle to build wealth. With interest rates hovering in the 4% range, financing still gives the buyer a lot of bang for the buck when considering historic interest rates.
Do you have any plans to invest in real estate or sell a property in 2018? Our team is prepared to help you make real estate your BEST investment. Let us know how we can assist you.