A letter from Joseph A. Horning, President of Shorewest, REALTORS®
As we enter the second quarter of the year, we reflect on the brisk start to the 2016 market. The housing market has been predictably strong but also more active than originally forecast. Both existing home sales and median sales prices increased over their 2015 figures, up 4.2 percent in sales and 6 percent in prices to $150,000. Although the increase is heartening, available homes for sale in most price ranges continue to be tight. We need more homes to satisfy buyer demand.
Buyer demand is heightened particularly by millennials coming into the market. The Chief Economist at realtor.com, Jonathan Smoke, expects that demand for housing will continue to grow and be dominated especially by older millennials, aged 25-34. This specific demographic has the potential to claim a third of home sales in 2016.
If you have thought about making a move, but are not sure you have enough equity in your home, talk to a sales associate today. According to leading housing experts, many families are not aware of how equity rich their current home is, which could put them in an ideal position to sell. Equity simply defined is, the value of your home after any debts that remain have been subtracted. A lack of understanding of how much equity one has in their home and the criteria needed to qualify for a mortgage has resulted in people not making a move when they easily could.
Shorewest, REALTORS® is celebrating our 70th anniversary this year. We celebrated company-wide with an Awards and Celebration program which exemplified why Shorewest has been so successful for 70 years. We are also celebrating being named the Top Real Estate Workplace, for five years in a row, and are extremely grateful to receive this award and could not do so without the amazing family of sales associates and support staff.
Thank you for the privilege of assisting with your home buying and selling needs.