The signs of a crazy spring home buying season can be seen and felt across the country, as buyers flock the market and listings are going off as soon as they are posted. While the odds are definitely in the sellers’ favor, buyers are becoming increasingly frustrated over the rising prices of homes in the market. Can first-time buyers still keep up with the high prices?
This is very evident in the Bay Area, specifically the San Jose Metro area. Tech households paid on average $8,889 in property taxes compared to $6,003 for non-tech households. In the San Francisco Bay area, tech households paid $7,531 while non tech households paid $5,606.
Home prices had been steadily rising and individuals trying to buy homes had been bemoaning the trend. When it comes to the nation's biggest year-over-year growth in sales prices, already-costly New York and California did not get top spot but instead other Western states dominated the list.
It appears like the favors are on the sellers’ side, as home prices continue to rise in several cities on the West Coast. Buyers continue to flock the market while existing home sales remain short of the increase in demand. Can first-time buyers still get their dream home in these cities?
2016 was initially predicted to be a rosy year for the real estate market. However, a recent report suggests that the number of homebuyers this year may drop if home prices continue to increase while wages remain stagnant. Can first-time homebuyers still get their dream home in this case?
Home prices in the U.S climb in a faster rate in November, revealing 5.8% increase. It is also noted that there are four metros that have fully rebounded from recession and have already reached an all-time high at this time.