If you’ve been keeping up with real estate news for the past year, you’ll know that the grass is looking greener. According to CoreLogic, house prices increased again last October for the 32nd consecutive month! Additionally, all 50 states showed year-after-year home price appreciation.
Including distressed sales, the Home Price Index (HPI) increased by 6.1% over October 2013 and 0.5% over September 2014. Distressed sales refer to short sales and real estate-owned transactions. If you exclude distressed sales, the year-over-year gain was at 5.6%, while month-over-month gain was at 0.6%.
Among the states with the highest home price appreciation are South Dakota (+10.4%), Michigan (+10.5% with distressed sales, +8.0% without) and Texas (+8.7% with distressed sales, +8.1% without). As for Ohio, our year-over-year gain was 6.2%, including distressed sales as of last October.
According to CoreLogic CEO Anand Nallathambi, house prices are increasing because of the slow-but-steady recovery of the housing market. Improved employment, increased buyer and seller confidence, continued low rates and investor demand are all contributing to home price appreciation. Experts believe that national home prices will continue to approach levels last seen at the height of the housing bubble – and perhaps even surpass them. In fact, they predict that by October 2015, the HPI will increase by around 4% to 5%.
With housing prices on an upswing, now’s a good time to start thinking of ways to improve your home. Better Columbus, Ohio, roofing is one of the best ways to boost your home’s value. This is important if you’re planning to sell your home. According to the national data of Remodeling Magazine’s “2015 Cost vs. Value Report,” roofing replacement can recoup an average of 71.6% of your investment. In other words, a good roof will significantly improve your home’s curb appeal and get you a higher sale price.
Muth & Company Roofing is the local expert at installing high-quality roofs in the Central Ohio area. We are an authorized installer of GAF roofing systems, guaranteed to perform for decades and add great appeal to your home. Increase your home’s value by having your roofing in Columbus, Ohio, repaired or replaced by us. Give us a call at (614) 682-3060 today for a free estimate on our services.