Houseing Price Bubble?

Are we in a housing price bubble? …Many buyers are sitting on the sidelines waiting for home prices to fall. In fact, there is little inventory available for sale on the market, historically speaking. Home buyers hoping for a price drop are betting against the basic economic principle of supply and demand. This situation is self-perpetuating, as the home owner who would like to move, sees nothing in his or her price range that would motivate them to sell, as move up buyers, thus making no inventory open for the first time buyer to purchase a home as a result. As of this writing, Virginia enjoys a 2.7% as compared the national rate of 3.7%. According to Lisa Sturdivant, Chief Economist for the Virginia Association of REALTORS, as a result of low unemployment, but also low housing inventory, home prices are NOT likely to fall, but rather remain stable with slight increases in the near future. The take-away: With historically low interest rates, stable employment, and less inventory, home buyers who find what they are seeking would do well to buy now, as prices continue to increase.

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