APRIL TO MAY AVERAGE SOLD PRICE JUMPS NEARLY $5,000!
Take a look at the two graphs above. What do you see? They are almost mirror images! If you thought prices were high last year, well, they’re up nearly $25,000 on average from last year. This is both a good thing and a bad thing.
The Good News
If you purchased last year, you’ve already gained quite a bit of equity in your home. If you’ve been in your home awhile, you probably have enough equity to upgrade AND prices always go up in the summer. You could buy today and have equity by the time school starts!
The Bad News
These prices are still difficult for local residents! In 2013, the average sold price was $137,500. Six years later it is $255,000. Another thing on people’s minds is the crash of 2007-08. It definitely feels a little bit like that with no end in sign for the increasing prices.
Its A Good Time to Buy/Sell
Crazy, right!? Let me tell you why it’s always a good time to buy/sell depending on your specific situation. If the market is really high like now, you make good money on the selling side and then a good chunk goes away when you buy. If the market is not so good, you’ll get a great deal when you buy, but your home is also a good deal for another buyer!
If you’d like more information about the market or have questions about your specific situation and discuss options, I know a guy!