2013 Home Value Growth Best in 8-years
A little real estate history lesson… In most areas, home prices peaked around 2006, started crashing in 2007, bottomed out in 2009, held steady through 2011, and have grown since 2012. The recently finished year of 2013 saw annual home value gains the highest since 2005, according to a newly released report.
CoreLogic’s Home Price Index indicated sales were up 11% year over year in December. This also meant it was the 22nd consecutive month of year over year price gains nationally.
Rising home prices should allow more people to sell their home without being underwater, which should allow a lot of pent up supply, and continue to increase home values for even more recovery in 2014. After a wild ride, it appears we are finally on a well defined housing recovery.
Home prices are expected to continue their year-over-year climb in January, with a projected 10.2% increase from January 2013.
If you’ve been thinking of selling your home.
Now would be a great time to connect with a local real estate agent to see what you home might sell for.
If you are thinking of buying a home
Now would be a great time to buy before home prices rise any further, and while mortgage interest rates are still historically low.