According to a new survey by CoreLogic, a private real estate data provider, home prices went up 4.6% in August compared to one year ago which is the "largest year-over-year increase in more than six years." Prices also rose 0.3% between July and August which is the sixth straight month of gains. The good news about the steady increase in prices, the increase in home sales and rising builder confidence is that it looks like our housing recovery may actually be sustainable.
The Standard & Poor's/Case Shiller index also rose in July after two straight years of declines. Also, all of the states are seeing a rise in home prices except for six that still show a decline. Five of these include Rhode Island, Illinois, New Jersey, Alabama and Connecticut.
The other good news is that sales of homes that have been previously occupied rose in August to levels not seen since 2010. Single-family home starts have also increased at a faster rate last month than in the previous two years. Along with this comes increased spending by builders.
On the down side, loans are more difficult to obtain for those with low credit scores and no money for a down payment. However, there are still some programs available, for those that qualify, that require no money down. There are also some programs for those with lower credit scores and numerous credit repair programs available. In other words, where there's a will, there's often a way. A good Realtor will already know a few good mortgage brokers they can introduce you to that will explain your options.
The time is great to buy! Do your research and find a competent, knowledgeable Realtor and you'll soon be on your way to taking advantage of the great deals that are still available. Contact us today for more information about good deals on Marco Island!