By Jason Boone
It’s hard to believe that June is already here and summer is just around the corner.
If you plan on buying or selling a home soon, here is the latest news about how the Real Estate Market is doing across the United States.
Cash buyers are hunting for condos
Last year cash buyers were heavily involved in buying residential homes which they purchased at rock bottom prices, especially in cities that were hit hard by the Real Estate downturn like: Arizona, Nevada or Florida.
As of June 2014, condominiums are now on the radar of many cash buyers across the United States like residential homes were last year and the U.S. cash sales share for condos in the United States has been just over 80% in recent months.
Is lack of inventory hurting the Real Estate market?
Although home sales and new construction have remained steady in Bend, the lack of home inventory across United States has been a cause for major concern especially to the National Association of Realtor’s who cited this concern for the Real Estate Market at their recent meeting in March.
Besides the lack of home inventory across United States, some of the other problems that organizations like the National Association of Realtor’s are following is a problem with housing obsolescence which is causing many home buyers to stop their home searches altogether because, they don’t want to purchase older homes that need work.
In spite of the “growing pains” the Real Estate market is experiencing right now, home prices were up just over 11% year-over-year in the month of March and the Real Estate market as a whole is just 16% below the peak that it reached in 2006, shortly before the collapse of the real estate market.
For more Real Estate news, or to view the latest Bend homes for sale contact me today by calling (541) 383-1426.