Good News! The Market is Heating Up! – Santa Monica Real Estate
We are well on our way to an awesome Spring selling season and an even better Summer in Santa Monica, Brentwood and Pacific Palisades. The buzz among my colleagues is that “the market is hot” and everyone is “busy.” Low inventory and interest rates have spurred buyer interest to the highest level it’s been at in years. We are seeing rising prices, multiple offers and a true sense of urgency among buyers.
Market analyst and tracker, Fiserv, predicts the average home price in the U.S. will tick up 4% over the next five years. All signs are pointing to a stabilizing market with investors pushing this momentous swing in the market. Home prices reportedly rose 0.6% from February to March, which is the first month-to-month rise in prices since July 2011.
Additionally, contracts to purchase previously owned homes reach a near 2-year high in March, according to the National Association of Realtors.