Important News about Recent Shifts in the Woodbury Housing Market
Housing markets ebb and flow.
Five years ago, home prices were plummeting, due to the high inventory of foreclosed properties.
But once again, home prices are on the rise.
The housing market is constantly impacted by supply and demand. The big onslaught of inventory that brought down prices during the last four to five years has been cleared out.
According to an article titled “Do Home Prices Risk Overheating?” in the February 15, 2013 issue of Realtor Magazine, (Click Here to Read the article) “Prices for existing homes rose 6.3 percent in 2012 and are on pace to appreciate another 5 percent to 6 percent this year. If inventories remain constrained, though, Molony says it is possible that prices could climb as much as 10 percent.”
Another important factor: interest rates.
What’s critically important – especially if you’re considering building a new home right now – is that mortgage rates are still amazingly low. This means that your dream home is much more affordable.
In the Woodbury housing market specifically, there’s another factor to consider: land supply.
The availability of home sites in both the Stonemill Farms and Dancing Waters neighborhoods is becoming very limited. Yes – you read that correctly. These neighborhoods are nearly built-out.
So what does this all mean?
Home prices are going back up, the housing market is rebounding and stabilizing, and low interest rates means high affordability. This is the perfect time to buy a home and get amazing value for your money.
If you’ve been considering investing in your custom built dream home, this is a great time to “get moving.”