In 2013, the real estate market took a small turn for the better, with home values and sales staging a minor comeback. But will the upward track continue in 2014? We’ve combed through the research, reviewed the experts’ predictions and created this preview of what you might expect in the year ahead.
According to the experts, interest rates will continue to rise through 2015 – so now may be the year to make a move if you’ve been thinking about a home purchase. What can you expect as you enter the real estate market? Housing inventory is tight among existing homes although there are more new homes due to a 25% uptick in construction. This could lead to a quick sale if you’re selling your home with more competition among buyers. On the flip side, if you’re buying, you need to be well prepared and our Ready.Set.Home.™ Program can help get you buyer-ready.
Other predictions for the new year are a 5% to 6% increase in home prices and an overall upward trend in home sales. Although existing home sales will remain flat, new-home sales are potentially jumping 18.5%. When home sales are on the rise, it generally reflects a positive outlook for the overall real estate market and even the national economy.
What does it all mean? Look for 2014 to be a transition year, with prices and interest rates still moderate, and a potential stream of new houses coming into the market. If you’ve been contemplating either a home sale or a home purchase, this may be the year to make your move. If you’re staying put, then you can enjoy some added peace of mind knowing that your home’s value is probably appreciating!