While becoming a homeowner has been very difficult lately – namely with combined with high prices, which make for an arduous road – owning a home can prove financially beneficial in the long run for a slew of reasons. Indeed, as a new Realtor.com report noted, “patience pays” when reselling it.
Not only does patience pay – in certain housing markets across the country – but it can pay even more. In May, median home price increased to $419,300, a 5.8% price jump in the past year – “the highest price ever recorded and the eleventh consecutive month of year-over-year price gains,” according to the National Association of Realtors (NAR) Existing Home Sales Report released June 21.
Here are some of the , according to experts. Wealthy people know the best money secrets. .
According to senior economist Ralph McLaughlin, the metros where sellers ask the most year-over-year are Cleveland, Philadelphia, Rochester and Providence. “In these areas, sellers of existing (used) homes are 14.7%, 11.
3%, 9.3% and 8.9% more than the same time last year,” said McLaughlin.
“These are more affordable markers where higher asking prices won’t necessarily break the bank of homebuyers.” Angelica Ferguson VonDrak, a in the Hudson Valley and Catskills region of New York, said this is a “standout market with immense resale potential.” And the bonus is the region’s proximity to New York City.
According to her, there has been a surge in demand post-pandemic as people seek t.