Home price growth has accelerated in the past year as buyers frantically competed for a limited number of houses on the market. Sales of new and existing homes have declined a bit in the past few months, mainly due to prices. Lawrence Yun, NAR’s chief economist said, “Home price growth will steadily moderate with increased supply, but a broad and prolonged decline in prices is unlikely.” With home supply improving, those considering selling may want to get their houses on the market sooner rather than later to get the best price.
Millennials are now the largest generation in the country, and they’re growing their families and buying homes. Odeta Kushi, deputy chief economist at First American Financial Group said, “We anticipate that millennials will continue to lead homeownership demand.”
If you’re interested in knowing your home’s value in the present market based on recent sales in Kitsap County, go to www.TheOriginalPenny.com/Home-valuation.
If you have any questions about the current market or are thinking about buying or selling, please don’t hesitate to call me @ # (206) 618-5123 or email me at Penny@TheOriginalPenny.com. I’m out in the market every day helping clients to buy and sell, and I do research so that I have the best advice to give you, no matter your situation.
I look forward to hearing from you.