As 2013 comes to a close, experts have made their predictions for what is in store for real estate for the New Year. Housing continued to make a comeback this year with rising home prices and low interest rates fueling bidding wars. Home sales surpassed economists’ expectations in 2013 and is predicted to continue rising in ’14.
There was high demand for homes this year and with an inventory shortage homes were selling fast. Inventory of available homes for sale will gradually increase and return to normal levels in 2014. Home builders are expected to see a substantial increase in new home sales which will help alleviate inventory constraints. Also, homeowners who have just reached positive equity status because of rising home prices will now be able to sell their homes, adding to inventory.
While home prices are expected to rise, they will do so more steadily in the coming year. Mortgage rates could be rising as well if the economy continues to improve. If you are in the market for a home now may be a great time to get pre-approved for a mortgage. Contact me today to learn about the opportunities the market currently has to offer.