The temperature may be frigid across the state, but home prices across the nation are sizzling and sellers are in the hot seat...
according to a new report from CoreLogic, sales prices jumped 7% annually in November.
That is the third straight month at that pace, far higher than the price gains in the first half of 2017.
Low supply and high demand are fueling the spurt and neither is expected to ease up anytime soon.
What we've seen locally is supply is actually falling even more now, and a strengthening economy is pushing demand.
We predict this will have potential buyers out early this year, trying to get a jump on the spring market.
Chief economist at CoreLogic, Frank Nothaft mentioned "rising home prices are good news for home sellers, but add to the regular challenges that home buyers face and may hit the growing number of first-time buyers hardest."
Here at RE/MAX Northland, love working with 1st time home buyers and we want to encourage them to continue to strive toward home ownership. Despite the challenges, there are some nice starter homes available here in the local Aitkin area. There are also some strong 1st time buyer loan programs out there. Reach out to us for more information - we believe we can help make your new home dreams come true!
(Full article originally shared through CNBC by Diana Olick)