Property prices in the United States rose at their highest level for more than three years in March.
The latest S&P CoreLogic Case-Shiller national index reveals that property prices across the US were up 5.8 per cent annually in March, up from 5.7 per cent the prior month.
Seattle recorded the fastest growing prices with a 12.3 per cent year-over-year gain in home prices, followed by Portland at 9.2 per cent and Dallas at 8.6 per cent. Half of the 20 cities covered by the index rose by more than 6 per cent. New York posted the smallest gain at 4.1 per cent.
One of the factors behind the rising prices is a longstanding shortage of both new and existing homes – a factor which is starting to affect the number of property sales being made in the country.
Indeed, the latest the National Association of Realtors (NAR) data shows that pending home sales in the United States fell in April for the second consecutive month and were down year on year nationally and in all four major regions.
“Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” said Lawrence Yun, NAR’s chief economist.
Yun also noted that this is causing property prices to appreciate at a much faster rate than income.
With this in mind, it is essential that anyone planning on moving to the States in the near future, and buying a property there, starts their new life with as much money possible. One way to do this, is to make sure you get the best possible dear on your currency exchange rate/
When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with.
For example, imagine you managed to sell your property in the UK three months ago, and had £150,000 to spend. If you had exchanged immediately, then on 8th March you would have received US$1.221 for every £1 exchanged – making a total of US$183,850. However, if you had waited three months to exchange, then yesterday the exchange rate was £1=1.2881. On an exchange of £150,000 this equates to US$9,365 more in your pocket.
With this in mind, it is arguably more important than ever before to seek expert advice before exchanging your Pounds for US Dollars. Of course, there is no guarantee of choosing the absolute best time to exchange. But taking expert advice from a specialist currency exchange firm like Halo Financial can certainly help.
Halo Financial understands why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com
Article published 6th June2017