Local Real Estate Monthly Market Update – June 2018
For those of you watching our Diary of a Flip on our HGFB Facebook page – The price of foreclosures and “as is” properties are sky rocketing. There has been a large increase in people looking to flip homes. This competition has driven up the price of foreclosure. Therefore greatly reducing the profitability of flipping a house in our area. If you know of someone who wants to sell their home quickly for cash, reach out to The Swain Team, we have reputable investors we work with. We can even get the home cleaned out for you as part of the deal.
Just as foreclosure prices are increasing so are all residential prices across the board. Our Listings are typically going under contract in under a month dependent upon price range, and instances of multiple offers are increasingly common and pushing prices higher.
The number of homes going under contract has decreased by 1.3%. Not for lack of buyers, but for our inventory shortage!
The unfortunate reality for many buyers is that buying a home will remain challenging if supply stays at these dire levels.
For now, the economy is very healthy, job growth is holding steady and wages are slowly rising. However, it all comes down to overall supply. If more homes are listed for sale, it would allow home prices to moderate enough to stave off inflation and higher rates.