So what is driving the local market? What is causing the price jump in local houses?
We are seeing multiple things happening at one time and the combination has caused a jump in housing prices.
Low interest rates
Lumber/material cost jumped
These 3 things are 3 of the biggest factors driving today's market. We have been low on inventory for at least a year and if anything the inventory is even lower now. Interest rates are at record lows, that is making it possible for more buyers to obtain qualifications for financing. So we have more buyers and less inventory. On top of this we have now seen building material prices jump. For example a 1200SF house will cost $10,000 more to build than just 3 weeks ago. All of this is driving prices up.
If you have been thinking about selling and would like to see what your property is worth, give me a call and I can prepare a CMA for you. Tammie 865-256-3805