Are Home Prices Rising Or Falling?
b'With Terry Story, 28-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
This week we begin Terry Story\\u2019s Real Estate Roundup with the question that\\u2019s always on the minds of home buyers and sellers:
Are home prices rising or falling?
Terry reports the findings of the S&P Core Logic Case-Shiller 20-City Index Report which shows a rise of 5.1% in August after a 5% gain in July.
The highest gains are in the Seattle and Denver areas, a reflection of better employment figures and rising pay rates. Other notable cities in this category are Dallas, Miami, and San Francisco.
Looking forward to 2017
Terry says that for the coming year, it\\u2019s predicted that the majority of home purchases will be those of first-time buyers. Low inventory and high prices are somewhat balanced out by easier mortgage qualification and low-interest rates which make ownership more affordable.
The most desired features trending for these primarily young first-time buyers are safe neighborhoods, more space, and larger yards, all of which indicates a heavier move to the suburbs.
The hottest times to buy that house
Typically, spring and summer are when realtors see the most activity owing to the school calendar, but this varies around the country and certainly in Florida with its steady influx of retirees.
How has the rental market changed in the past year?
Terry says the rental market is still hot and points to an average annual gross rental yield of 8.7% as the draw for investors. Of course, this doesn\\u2019t take into account costs of maintenance and upkeep and the risk of vacancy, all of which still allows room for profit.'