The 5 Top Cities For Home Price Increases!

No one likes change. Period. With the unlikely exception of your bank account increasing with a lottery win, change is uncomfortable. And no one likes to be uncomfortable. Unless you're weird. And then you're just weird. So let's talk about the rest of us.

"Change is inevitable...except from a vending machine." ---Unknown

The U.S. has experienced several years now of a strong, growing real estate market. But the winds of change are blowing. Nationally, home prices increases in September slowed to the lowest rate in nearly two years, according to the S&P CoreLogic Case-Shiller 20-City Index recently released. 

"Home prices plus data on house sales and construction confirm the slowdown in housing, David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement. 

Home prices nationally went up 5.5% in September, down from the 5.7% in August...representing the second consecutive month of slowing appreciation. 

Locally in the Vancouver, WA/Portland, OR average home sale price in October 2018 was $397,600...up 4.8% from 2017. But here is the most important fact you need to hold on to...the inventory of local available homes currently for sale is at the second highest point we have seen since 2015. So in plain speak, it's taking longer to sell the homes on the market so there ARE more homes on the market.

This means this current Seller's market is weakening. It's still more beneficial to home owners selling but it's shifting. It's changing. Here is my advice on how to navigate it:

If you're looking to sell, get off the fence and make it happen. Between the house inventory rising and the mortgage rates doing the same, the more time you wait means the less money you may get for your home. The Federal Reserve is almost certain to raise interest rates not only this December but also in coming March 2019. The means a buyer will pay more for their loans and won't be able to afford as much. So your home will be worth less. Supply and Demand, Baby!

If you are looking to buy, you better have your finances in order and be pre-approved for a loan. If you aren't, get in touch with a trusted real estate professional to guide you to a trusted lender. Don't get me wrong, I love the financial lending community but they make money selling you a loan. A real estate professional will mostly only send you a reputable lender who will get the job done right for you.

Interesting enough, there are five cities in the U.S. that are bucking the trend of slowing home sales. Las Vegas, San Francisco, Denver, Phoenix AND Seattle all have home prices that have risen above the rest of the nation. And did you notice, they are all in the western half of the country?

This current change in the real estate market isn't bad. As a matter of fact, it's inevitable and it's healthy. Interest rates are still pretty how. Available housing inventory on the market is still below a normal market. But, no one really knows how much the market will shift. I don't see the market changing drastically as long as the current availability of home for sale goes above 6 months. 

As I mentioned, if buying or selling is in your future, get your rear end in gear. Waiting is not an option for the best deal. Start with a trusted real estate professional. 

Hey, I know one!

Scott C. Dickinson is a real estate broker that resides in Vancouver, WA but helps others with their real estate needs all over the U.S. He can be reached by email at ScottYourBroker@gmail.com or 360-518-7197. Follow him on Facebook at www.facebook.com/YourBrokerScott or on Instagram at
www.instagram/YourBrokerScott.