Property Rights Law Firm, P.A.

Buyers widening their search for affordable homes

In many Florida cities and those throughout the country, demand for homes has been much greater than the supply of properties available. This has contributed to a 50 percent increase in housing prices since 2011. As a result, homes in midsize cities, such as Kansas City and Charlotte, have become too expensive for some buyers. Although people still want to live there, higher prices and dwindling supplies have caused sales to slow.

In Nashville, the median price of a home is $263,000. The rise in price has resulted in home sales decreasing 4.3 percent in 2017 and 0.5 percent in 2018. Net migration into the city fell to 18,700 people after being more than 20,000 individuals in previous years. Cities such as Boise and Winston-Salem have reaped the benefits as individuals turn to smaller markets, where homes are more affordable. These areas are ranked 51-100 in population and are labeled as third-tier markets.

Home prices in those markets reached an average of $246,000 in the first quarter of 2018, which was below the national median price of $264,000. However, home prices can still increase quickly even in smaller markets. For example, home prices in Boise increased by 18.4 percent in the early parts of 2018, and the median price of a home in Aida County was $324,000.

When buying a residential property, it is important that an individual goes through the purchase process in a rational and calculating manner. This means inspecting the home and asking a seller about any issues that it may have. An attorney may be able to inspect a title to discover any problems with it prior to closing. He or she may also help resolve disputes that may occur between a buyer and a seller before or after the sale closes.

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