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What's up? Home prices!

We continue to have low inventory in homes for sale, which means the seller's market condition continues. Although not the price spikes we saw a couple of years ago, 2017 is still on track for about a 4% growth in prices, with a projected 5 year average annual appreciation of around 3.22%. January marked the 59th consecutive month of year-over-year median price gains. Are you feeling the equity?

We are seeing people staying in homes longer than in the past, which limits the number of homes on the market. The housing crisis of 8 years ago had some people in a negative equity situation. Now, almost 94% of homes with mortgages are in a positive equity situation. Click here for a little more insight from my friends at Keeping Current Matters. Many homeowners don't realize how their equity has increased over the last 5 years or so.

That might mean these homeowners are ripe for a move, as they've likely stayed a little too long in a house that is too small for their growing family, or a house that is too big for their empty nest. Interest rates are still affordable, with most conventional loans in the low 4's% . FHA and VA loans, as well as rate buy downs can still find loans under 4%. Are you one of those homeowners in the wrong size house? I'm better than Goldilocks when it comes to finding you just the right size for your current life style. Let's talk.

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