CoreLogic® , a leading provider of consumer, financial and property data, analytics and services to business and government, reported that home prices nationwide, including distressed sales, increased 8.2% year-over-year in November and were up 1.1% from October to November. The CoreLogic Home Price Index (HPI) Forecast predicted home prices will inch up by 0.2% from November 2020 to December 2020 and rise by 2.5% from November 2020 to November 2021.
By all appearances sellers will remain in the driver’s seat as the housing market enters a new year. Buyers will continue to face historically low housing inventories, increasing home prices, and multiple offer for the most desirable properties. In a highly competitive market, such as this, real estate agents need to be honing their valuations skills to effectively represent their clients, buyers and sellers, and meet their fidicuiary duties.