If home prices edge higher, the housing market will see higher home sales, according to a new white paper by two senior economists with the Federal Reserve Bank of San Francisco. The economists note that it’s the higher prices that entice owners to sell their homes, thereby helping to alleviate current inventory shortages.
Many sellers are still waiting out the market until home prices rise more, economists William Hedberg and John Krainer write in an article in the Federal Reserve Bank of San Francisco’s Economic Letter titled “Why Are Housing Inventories Low?” In the past year, existing-home prices have edged up 11.7 percent, according to the National Association of Realtors®.*
This means that if you have been thinking of selling in Lake St. Louis, O’Fallon, Dardenne Prairie, Wentzville, or St. Peters, there has never been a better time! Call VIP Group for more information.
*DAILY REAL ESTATE NEWS