According to a recent Bloomberg report, Sales of existing homes dropped in December because the supply of homes is the lowest supply in more than a decade. Even with the December drop, it was still the second-highest reading since November 2009. There were 4.65 million homes purchased in 2012, the most since 2007. All of these are indications that the housing market is and has been steadily moving toward recovery.
- We are in the height of Over 55 Communities season.
- The Over 55 market is very active
- Home inventories are down. The number of previously owned homes on the market dropped to 1.82 million, the fewest since January 2001, according to the Bloomberg report.
- Mortgage rates are and have been extremely low
- Sales last year climbed 9.2 percent from 4.26 million in 2011
- Prices are going up. The median price of an existing home rose to $180,800 last month, up 11.5 percent from $162,200 in December 2011. It was the biggest year-over-year gain since November 2005.
- The trend is and has been headed toward becoming a Sellers’ Market
- It is expected that Prices and Sales will go up again in 2013
This almost reminds me of “THE PERFECT STORM” making NOW an excellent time to buy.
“The only concern going into 2013 is the inventory situation,” Lawrence Yun, NAR chief economist, said in a news conference, as the figures were released. “Price increases are almost guaranteed going into 2013,” Yun said, adding that the group’s projection of a 4 percent to 5 percent increase this year may be exceeded.
If you’ve been looking for an Over 55 home in Palm Beach County, you have probably already lost some ground. The longer you wait, the probability is, the more you will pay.
Need help in finding your Over 55 Community home? The Harelik Team, with over 27 years of experience serving Dade, Broward, and now Palm Beach County.
Have any Questions? Give us a call.