Home prices have begun to crawl out of the winter depths. That’s surely no surprise to most people watching the market. Spring and then summer always see nice turn-arounds in home prices and, though they don’t last, are a welcome rest from the plummeting feeling some people get in winter.
The interesting thing about this year is something we haven’t seen in the market since 2005. The rate of bounce back is 2.5% which is a lot higher and faster than we’ve seen at any time during the recession. So while prices are still down, they’re coming up hard.
So what does this mean? Where does this leave us as talk of recovery and a new dawn and all that jazz start to creep back in to the conversation?
Well, it actually doesn’t get us very far in the short term. I mean, the climb will slow down and stop at some point to level off, and there will be drops ahead. But if the spring bounces get stronger and stronger it could mean some good news.
Let’s keep pushing for bigger and better price increases. Make each season one of opportunity. And keep your finger on the pulse of the market to find the best deals you can.