Uncategorized October 21, 2016

Why Increased Home Prices Aren’t Such A Bad Thing

If you have been paying attention to the Lynden, WA real estate market, you may have heard consumers ponder if the prices on Lynden, WA homes for sale have accelerated too quickly. This has been a hot topic across the nation. Home prices have gone up due to high buyer demand and not enough inventory. If you are familiar with business, it goes back to supply and demand. When demand is high and supply is low, prices increase. With the recent housing bubble and crash not too far off in the review mirror, some consumers are on edge that we are not out of the woods yet. In all actuality, higher prices are a good thing! Why?

In the last year, the average American household has gained over $11,000 in equity thanks to these value increases. Instead of depreciating assets circa 2006 housing trends, people are putting that equity into their Lynden, WA homes for sale as well as themselves.  Families can put the kiddos though college, pay off mortgages quicker AND move into a different Lynden, WA home for sale that is better suited for their current needs. In fact, CoreLogic is forecasting another hike in home prices! This time next year should see a 5% increase. This last summer saw a lot of competition in the housing market due to low inventory. Buyers were either out bid, or they paid over the original listing price. It was stressful! Especially since renting is now more expensive than owning a home for sale in Lynden, WA. While housing prices should see an increase, so should the inventory thanks to new construction homes expected to hit the market. If you have been thinking of buying or selling Lynden, WA real estate, give me a call at 360-410-0848. I would love to discuss our current Lynden, WA real estate market conditions with you!