Here is some spectacular news for Corona home owners and an urgent push to potential home buyers (of course real estate agents like to see a healthy housing market too). According to the S&P/Case-Shiller index, property values climbed 12.2 percent from May 2012 to May 2013. This is the largest home value increase since March of 2006! The index is based on a 3 month average.
Many people thought the real estate market would have a long wait for the rebounding of home values after the rapid decline between 2007 and 2012, amid thousands of short sales and millions of foreclosure filings. So called experts estimated the time for the rebound 10 years or more. Those of you following our updates might remember our expectation that the market would rebound much faster than the “experts” expected. We love to be right, especially when our clients gain the benefits of following our advice.
The recent increase in home prices are giving the market the boost it needed back to normalcy. As a result of this, the mortgage interest rates have begun to rise. For those of you who are on the fence, or haven’t made the move to purchase a home, now is better than tomorrow, next week, next month, or next year. Don’t wait until prices and rates cause your home buying power to erode further. Contact our team of Corona real estate agents at 951.212.7479 today so we can assist with your home search and purchase.