Once again, the housing market brings optimistic news: According to the National Association of Home Builders, home prices continue to rise, reaching a new level of economic recovery. This positively impacts the Fenwick Island area and all of its residents.
The most recent release by the S&P/Case-Shiller House Price Index – 20 City Composite for July shows a 12.4 percent increase in prices over the past year. This marks the 14th year of consecutive growth year-over-year. Additionally, since March 2012, home prices have risen an incredible 21.2 percent, as measured by the index.
While it’s frustrating to some, rising prices only point to an improving economy. The rise shows that unemployment is falling, more people feel comfortable with their finances, and the demand for homes is growing. A higher demand for homes will effectively push up home values, along with their prices – especially in the our local market, where homes are already considered to be the most valuable.
Though we’ve seen increases, home prices are still well below the levels that are considered normal in a healthy market. As a country, we’re 10 percent below pre-recession numbers. Homebuyers shouldn’t be discouraged, however, because more room for improvement only means that homes prices will continue to increase, restoring faith in the market.
So, what’s a homebuyer to do? Just like the experts keep preaching, by historic standards, mortgage rates are still incredibly low. In fact, they’re the lowest that they’ll be in years to come. It would be a crime to miss out on this opportunity to move into a beautiful home near Fenwick Island on the Delaware coast!
Pair low mortgage rates with ever-increasing home prices, and you’ve got the perfect window to buy a new home. Current homeowners can relax, knowing that their investments in their new homes are paying off. And for future homebuyers – it’s not too late! There is still time to buy a home in this ideal market, although not much. Buying a new home now is a sound and beneficial investment for any family.
Bayside is the nicest community anywhere in Delaware. Being only four miles to the beach, all of our homes are built to match the beachy lifestyles of our residents. These homes are made to impress and all of our residents are proud to be apart of the Bayside family!