U.S. Home Prices Set New Record
Real estate brokers enjoy return to good times, but remain cautious.
(Boonton, NJ, September 15, 2015) — After nine years, a mortgage meltdown and a global recession, U.S. home prices finally topped the price record they achieved in 2006.
Nationally, the median existing-home price in June was $236,400, eclipsing the previous price record of $230,400 set in July 2006, according to the National Association of Realtors.
But unlike the frothy days of a decade ago, this boom market feels decidedly muted.
"We’re still seeing a lot of cash buyers," says Brian Arrington, chief executive of Pacific Sotheby’s International Realty in San Diego. "Almost 30 percent of our sales are cash. So that tells me there’s a lot of money sitting on the sidelines."
Even so, the market’s rebound is good news for Arrington and other brokers who persevered through a wrenching downturn.
In the September issue of Real Estate Broker’s Insider, Arrington and other brokers share their growth strategies for another boom. These include:
- Investing in bricks and mortar — but with smaller offices than a decade ago.
- Diversifying among price ranges and adding ancillary services.
- Trying to woo young agents.
The full article, plus many more insights from top broker/owners appears in the September issue of Real Estate Broker’s Insider.
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