Construction Continues as HHO Progresses…
Two new Cottages at Heron’s Landings are under construction, the new West Harbor Lofts are ready for tours, a beautiful single-family home is completed on Cottage Green, new home on the river is built but sold already (sorry), a condo on the river is completed with amazing views and if that is not enough reasons to visit Heritage Harbor…here’s some positive real estate headlines that the newspapers don’t dwell on:
- Studies by both Realtor.com and Zillow show that housing inventory has improved from the beginning of the year.
- A 10.9% increase in home prices is the largest 12 month increase since April 2006. Statistics are proving positive for the future of the U.S. housing market. Some of the hardest hit regions during the housing crisis are now listed among the top 10 hottest markets to watch 2013.
- The net worth of households and non-profits has recovered completely from the recession and reached a new peak of over $70 trillion in the first quarter of 2013, according to data from the Federal Reserve Flow of Funds.
- Most economists look at cash home sales an indication that the public feels strongly about the housing market. When someone takes their hard-earned cash and puts it all into a home, it says they think it’s a great investment. Cash sales now represent 32% of all residential sales (not including investor sales).
- The condo/cottage-to-rent trend will continue to grow. People want to buy and not rent, thus the “For Sale” sign will replace the “For Rent” sign.
- The great senior sell-off is starting. Roughly 7% of the over-65 household move each year and by the end of the decade 1.5 million homes will come on the market every year. This will help create a healthy relationship between supply and demand.
- In the first five months of 2013, New York welcomed $8.5 billion worth of the new construction starts. This shows the increasing demand for housing. New York and California usually lead the market with the Midwest following.
- The median existing home price hit $208,000 in May, the highest since 2008, with low inventory supporting prices. The median price is up 15.4% from the same period the prior year. This represents the largest growth since 2005.
So we look forward to seeing you soon to ‘show-off’ the Best Marina Resort Community in the Midwest. Call (815) 433-5000 for more information.