by Kate Rogers
After surviving the housing burst heard around the world in 2007 and economic repercussions, homeowners looking to sell are finally feeling more confident.
New research from mortgage giant Fannie Mae finds that 40% of respondents say it was a good time to sell in May, up from 30% in April and 16% one year earlier.
May’s confidence jump is the largest surge in the past three years. March’s S&P Case-Shiller home price index also posted its biggest gains in the past seven years, with housing prices in 20 major cities increasing 10.9% over the last year.
Bryan Sweeley, a Silicon Valley-based realtor with Zip Realty, says it’s definitely a seller’s market and he doesn’t expect the tide to turn any time soon. In his market, the prices of homes in neighborhoods with solid school systems are back to pre-crisis level highs, and in some cases, surpassing these levels.
“The past 12 to 18 months have seen home prices go up 20% to 30%,” he says. “Some are selling 5% to 15% over list price.”continue reading »