“2012 seemed to turn a corner as home values climbed—something they haven’t done during the past few years. This is exciting news for home sellers, but also welcome news for potential home buyers and investors in considering a purchase,” said Payne.
Tyler, Texas (PRWEB) March 03, 2013
Real estate investors and homes listed for sale in the Lindale, Texas area are relieved to learn that home values are rising as the economy continues to recover. Home values increased 1.1% in October 2012, which is the greatest monthly increase in seven years, according to a Zillow report.
Local REALTOR®, Kerissa Payne, has seen firsthand the rise in home values in the Lindale area. According to Payne, “2012 seemed to turn a corner as home values climbed—something they haven’t done during the past few years. This is exciting news for home sellers, but also welcome news for potential home buyers and investors in considering a purchase.”
Nationally, according to The Wall Street Journal, home values increased by 4.7% from one year ago, with some 26 of 30 markets seeing rising values, led by Phoenix’s gain of 22.3%, San Jose, CA (11.4%), Denver (10.4%), San Francisco (9.5%) and Miami (8.8%). The only cities with year-over-year declines included Atlanta (-2.4%), Chicago (-2.1%), New York (-2.1%) and Philadelphia (-0.9%).
Some of the reasons for this rise in national home values include increased home affordability and job growth. Also, lower house prices have helped create a decreased inventory of homes for sale, making supply less able to meet demand. This, in turn, has driven up home values. According to Zillow Chief Economist Stan Humphries, “We’ve reached a milestone.” Humphries anticipates an even greater demand for homes in 2013. This demand could increase as people seek home ownership over high rent costs, as well as gain more confidence in the market. Humphries said, “The bottom line is that homes are more affordable than at any time in recent memory, and buyers are seizing the opportunity.”
Kerissa Payne is owner of RE/MAX® Legacy in Lindale, Texas. Payne is an active member of The National Association of Realtors, the Texas Realtors Association and the Greater Tyler Association of Realtors. RE/MAX® is the industry leader in total transactions, web visits and advertising.
RE/MAX® Legacy works with Texas Biz Solutions on their web and marketing development. To learn more about Texas Biz Solutions visit http://www.TexasBizSolutions.com.