According to the National Association of Realtors, prices for single-family homes rose 81 percent in the U.S. in 2012. Statistics also show that total home sales in 2012 reached the highest level since 2007. Now is the perfect time to buy a house, says real estate expert Travis Jones of Rush Properties. For the last few years, most of the country has been in a buyer’s market—a period marked by lower prices and excess home inventory. While conditions are still favorable for buyers, the market is starting to turn, says Travis Jones and Rush Properties.
According to Travis Jones of Rush Properties, this means more home buyers are competing for new homes, thereby creating a moderate sellers’ market. According to the National Association of Realtors, both home sales and home prices will continue to increase in 2013. Tight supply means that house prices will continue to rise gradually this year. And right now, even though inventory is down and prices are creeping up, mortgage rates are still at historic lows, says Travis Jones, Rush Properties’ former president.
Travis Jones of Rush Properties says he counsels new home buyers to purchase sooner rather than later. He also urges homebuyers to do their homework regarding location and market availability and take advantage of the extremely low mortgage interest rates. Rates will eventually rise, he states. Homeowners should buy only what they can afford, remembering that they are looking for a home and quality of living more than making an investment, says Travis Jones of Rush Properties.
Recent statistics also reveal that the national median price for a single-family home is $186,100, up 7.6 percent from last year. Foreclosures accounted for 23 percent of deals, down from 30 percent a year earlier. As for Johnson County, Kansas Q1-2013 according to Heartland MLS the median sales price is $203,000 up 9.6% from a one year ago.
Travis Jones Rush Properties 