The graph below shows an increase in home price appreciation in green:
This is largely due to an ongoing imbalance in supply and demand. Housing supply is still low. Demand is high. As rates started to rise, homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more.
Experts say prices are forecast to continue appreciating.
What This Means for You
If you’re living in Pittsburgh PA or surrounding neighborhoods and thinking about selling your house, read on. You have a great opportunity to list your home and capitalize on today’s home price appreciation. As prices rise, so does the value of your home. This gives your equity a big boost.
When you sell, you can use that equity toward the purchase of your next home. At today’s record-level of appreciation, that equity may be enough to cover some of your down payment.
History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. Are you ready to find out how much equity you have in your current home? Would you like to know what’s happening with home prices in your local area? Connect with local Realtors – the Diane McConaghy Team at REMAX Select Realty.