With Terry Story, 25-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
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Existing home sales grew at the fastest pace in nearly 8 years to 5.49 million homes per year, with home prices hitting new highs since 2007. Terry attributes this to a steadily improving economic environment in the U.S., higher employee confidence, low interest rates and easier lending standards. With low inventory, there are now frequent bidding wars, a nice 180 degrees from when houses went unsold for up to 15 months. So that’s good news for just about everyone including buyers even though they do have to pay a bit more to get the house they want.
Terry also talks about the slight drop in foreign buyers as their home currencies – Canada, the United Kingdom, China, India and Mexico – fall relative to the U.S. Dollar, which is a bit of good news for U.S. buyers because they now face marginally less competition from cash rich international buyers.
Finally, Terry addresses a landlord’s question about a tenant not maintaining a rental property despite paying rent on time and generating complaints from other home owners in the neighborhood.
