FHFA: Home prices rose 0.8% in May

Even factoring out the condo appreciation, which is coindcidentally off the charts, home prices are still on a positive roll!

FHFA: Home prices rose 0.8% in May

Where are the houses?

I was recently at our office meeting and I just can't believe how many of my colleagues are working with buyers and are frustrated because they have no homes to put them in! What a great time to sell....!!!

The magic number 6

What is it?  The magic number 6 or course!  It represents the months of housing inventory that we like to see.  Why?  Because historically speaking, 6 months of inventory represents a balanced market; one in which the forces of supply and demand are once again in " predictable equilibrium"(see prior post).  It represents a market where, generally speaking, prices are stable.  The way we derive the number is by dividing the number of homes on the market in a given area by the number of homes that are selling in a given month.  And as a general rule any number above 6 is a depreciating market and any number below six is an appreciating one.  It's also noteworthy that the farther away from 6 we get, the crazier the market conditions are.  Right now, in Miami-Dade County we have about 4.5 months of inventory, and the bidding wars have begun!

A grand experiment...1776

The United States of America is, and continues to be, the grandest experiment of planet earth.  In 1776, nothing like what the ragtag collection of would-be revolutionaries were looking to create had yet to conceived anywhere on the planet.  What a ridiculous idea...a government of the people, for the people, and by the people.  Yet those first few forward thinking courageous trailblazers would set forth a series of events that would inevitably change each and every single American's life from that point forward.  And countless numbers of them would make the ultimate sacrifice for it!

Whether we realize it or not, we are both privileged and tasked with the continuation of this grand experiment, which in historical global context, is still in its infancy.  Our nation has been challenged many times by events and circumstances far worse then our current economic, social, and seemingly insurmountable political battles would have us believe.  And through it all, our Grand Experiment has always prevailed.

So rest assured my fellow Americans, that as we pause on this Independence Day to give thanks to those who found the courage to initiate our Grand Experiment; that the best days of The United States of America are indeed ahead of us!