Well, according to Zillow, home prices have officially bottomed out and we have turned the corner for the housing market. The housing market has seen home prices rise for 4 consecutive months. Stan Humphries, chief economist at Seattle-based Zillow, noted that the housing market has shown signs of strength even though the job market remains weak, signaling that the housing market may be beginning to stand on its own two feet again. This would be great news for the millions of home owners who have seen their home values plummet in the last 5 years. The home value index in the second quarter rose on an annual basis for the first time since 2007, increasing 0.2 percent compared with last year’s second quarter to $149,300, according to Zillow. This is really great news. Sellers should be optimistic that home values should continue to rise over the next 12 months and Buyers need to start to feel a sense of urgency. There has never been a better time to buy a home! Read full article.
Nathan W Smith BIC
Broker In Charge