An investment in a property inspection franchise would be more viable today, as more Americans think it’s now a good time to buy a house before prices increase over the next year. A survey showed that almost two-thirds of US adults expect home values to surge in 2019.
Residential property prices already increased in March, based on data from the National Association of Realtors (NAR). The further price growth only indicates that buying a house would more affordable today than in the near future.
The prospect of buying a house will definitely rely on where you plan to close a deal. For instance, the median asking price in California exceeds the average nationwide price by more than double.
The outlook of homeowners also differs from tenants. Around 70% of owner-occupiers believe that prices are increasing, as opposed to almost 60% of renters. This could be a reason existing home sales rose in March.
NAR data showed that the 5.60 million properties changed ownership during the month, compared to 5.54 million houses in February. The figure represented a 1.1% increase based on a seasonally adjusted annual rate.
Faster Home Sales
As people expect home price growth to continue, many buyers are willing to close deals as quickly as possible. A shortage of listings led homes on the market to disappear within 30 days, compared with 34 days in March 2016.
The slimmer housing inventory also caused a spike in prices, since demand exceeded the available supply. NAR said that the median sale price rose 5.8% in March to more than $250,000.
If you are a risk-averse type of investor, many inspection-franchising companies only offer a low upfront investment that lets you gauge the market without losing a lot of money. Consider an investment in home inspection through a franchised opportunity, instead of planning to build one on your own.