Eye on the Market
Five Things Driving Rising Home Prices in Snellville
With low interest rates and a decline in distressed property, property values are on the rise.
A recent Wall Street Journal article indicated that there were five reasons home prices are rising. 1. Rise in Housing Affordability: Interest rates are ridiculously low. People are jumping in to take advantage of these ultra low rates coupled with still depressed (although rising) housing prices. 2. The Increased Number of Households: It is expected to hit 1 million this year, which in essence is putting a strain on the available inventory. This trend will continue since building has been at historically low levels since 2008. The average number of houses built since stats were being kept each year is well over a million in the US. Due to our recession, that has dropped in half. What this will mean in the upcoming years is that there …
