Here’s an article from Airtalk that weighs in on the housing market halfway into 2015. According to the national association of realtors: “The housing market is continuing to rebound. First time home buyers helped fuel housing sales in May to the highest rate in six years”. It is also mentioned that in Southern California, the market for home buyers has also made a strong comeback.
There are concerns in regards to the housing supply. If you are in the market to buy a home, you know how low supply is. This low supply is accompanied by a high demand. High demand during low supply means higher prices for those looking to sell their homes. This is good for sellers as they are able to sell their home at a desired price but it has created hesitation for renters as they are struggling to save at the same pace of rising home prices.
With rising interest rates looming ahead in the future, I believe that if you can afford to buy a home, now is better than later. Rent rates will continue to rise and may rise beyond affordability, putting pressure on those who have been renting for a while to pull the trigger. For the next couple of months I feel there is going to be a solid summer home-buying season. Floor calls, listing appointments and open house traffic were all up in May showing signs that people are looking to buy this summer. Time will tell what the market will look like for the remaining of 2015 but I expect a similar market or even better market conditions for the rest of 2015 and heading in to 2016.
Read more about the housing market here.