Rising home prices mean rising inventory

Are you one of the homeowners thinking about selling your home due to rising home prices? According to the University of Michigan and Thomson Reuter, reports of rising home prices are making selling more attractive. In fact, the report shows that the largest share of homeowners in eight years are considering selling their home and expecting to make money on the sale.
Experts say this could be the beginning of a major shift in real estate. It could mean more homes will be listed, alleviating low inventory for potential homebuyers
It all starts with confidence in our economy. During the past two years, more families have seen the housing market rebound. As home price increase, so does the number of homeowners ready to sell.
This is great news for the construction industry. A report from the U.S. Census Bureau shows that sales of new homes is also on the rise, surging to almost 19% last month. Last week, new home sales hit the highest rate since May 2008.
Sale prices of average new homes are up by 14% compared to last year. According one of the nation’s leading builders, the Lennar Corporation, the steady turnaround the company is experiencing in resulting in new orders, up 8%. Southern California’s KB Homes concurs saying sales have increased by 5% with a 10% increase in price when compared to the past year.
Whether you are looking for a new house or an established estate in Montecito, Hope Ranch, Santa Barbara or any of the surrounding communities, I will gladly help you find the perfect home. If you are thinking about selling your home, with the rising home prices, now is the time to list. Please give me a call at 805.886.9378 or email me at Cristal@montecito-estate.com. Be sure to check out my website to see what’s on the market today.