According to the Wall Street Journal the answer is YES! The specific article to which I refer actually dealt with WHAT is driving home prices – is it short supply or strong demand? The Journal editors had checked with a credit-rating company which had recently looked at 50 large metropolitan areas and found that in 17 of them that prices were mostly driven by limited inventory while in 22 of the areas it was demand that was driving prices.
I think in our area strong demand is the main factor but with that being said – this time last year there were eleven oceanfront homes for sale and this year currently there are only eight. So maybe it’s also a touch of low inventory . But no matter what the reason – the good news to be gleaned from it all is that prices are definitely rising and the market remains strong.
With mortgage rates at historic lows and with terrific lending programs to match those rates this is most assuredly a great time to buy! There are some really neat properties on the market right now on the Islands – condos, canal homes, mid-Island properties, etc. – that generate super rental incomes to offset expenses.
On the mainland there is new construction all around and many golf course and waterway communities within a few minutes of the beach.
If you have any questions or would like more information on any of the properties that are for sale please let me know. Also, if you are considering selling your property I would be happy to give you an opinion of value in the market place.
Happy buying and selling!
Written by Martha Pope, Pope Real Estate
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