Home prices are expected to rise throughout 2014, but at a slower and steadier pace than in the past. The housing market is definitely in recovery, and that has spiked the costs of homes throughout Pennsylvania, New Jersey, and across the nation.
In fact, home prices saw an increase in 225 of 276 cities that were researched by Clear Capital, an organization that analyzes and provides real estate data. Nationwide, the cost of a home increased by 10.9 percent, quite a turnaround from when the bottom dropped out of the housing market just a few years back.
Part of the drive upward in home prices is the limited inventory available. Traditional buyers are still hoping to take advantage of the near historic low mortgage rates. Yet housing stock is limited. Sellers benefit simply due to supply and demand and they have benefited by making quick sales, often above the asking price.
In the last year, home and condo sales rose 11 percent, to 5.29 million homes. This is almost the highest level of real-estate sales in four years. The recovery has been aided by a consistent stock market recovery.
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The Law Offices of Adam M. Kotlar, LLC, offers comprehensive real estate legal representation for residential and commercial business owners. If you have a legal matter, we can help. Our offices are based in New Jersey and Pennsylvania, and we are prepared to fight for you. Contact us online today or call Local # :(856) 751-7676 .