Home prices across the United States, including in Florida, appears to have increased in August. However, in bigger markets, residential real estate prices are starting to lose momentum. This is a possible godsend for would-be buyers. Still, the market also appears to be promising for home sellers at the moment.
Reportedly, home prices nationwide rose from 3.1% back in July to 3.2% this past August. However, in some of the larger cities, price gains dropped from 1.6% back in July to 1.5% in August. This is excellent news for buyers. However, sellers can also take consolation in knowing that it appears that the residential real estate market is picking up steam compared with the beginning of the year, when the market was weak.
The fact that the market is stronger now has helped to eliminate many recession fears. In addition, lower mortgage rates are giving many aspiring buyers the incentive they need to jump into the market. In fact, the rate of homeownership rose from 64.4% during the later summer months last year to the higher 64.8% at the same time this year.
Now appears to be an excellent time for consumers to seek homes to buy in Florida and other parts of the United States. At the same time, homeowners who are looking to sell their properties may also benefit from doing so now, while prices are still relatively robust. Of course, navigating residential real estate transactions can be daunting, especially for those going through them for the first time. However, an attorney can provide the direction needed to tackle the legal aspects of this type of transaction with confidence before one signs on the dotted line.
