Five Predictions for the 2014 Real Estate Market

5 Predictions for the 2014 Real Estate Market

This article is re-posted from Decatur-Avondale Estates Patch

What real estate experts expect to see in 2014.

Posted by Catherine Crawford , January 18, 2014 at 09:10 AM
 
Credit: Verona-Cedar Grove Patch
Credit: Verona-Cedar Grove Patch

We are already two weeks into 2014. So, now’s a prime time to take a look at what’s in store for us this year in the world of real estate.

Signs point to another good year for the housing market, although the recovery most likely won’t clock the same breakneck speed as last year.

Here are 5 predictions, made by experts in the field, to help prepare you for any home-selling or buying activities this year:

1) Home prices will continue to rise: The chief economist for the National Association of Realtors, Lawrence Yun, foresees home prices rising by 6 percent. This is about half of the increase in home values seen in 2013, indicative of 2014’s reduced pace.

2) So will mortgage rates: I’m sorry home-buyers, but the low interest rates of 2013 are not going to stick around.  We go again to Lawrence Yun, who predicts that the average rate for a 30-year fixed mortgage will climb to 5.5 percent before the year is over.

3) Fewer foreclosures on the horizon: Thankfully, the worst of the foreclosure catastrophe that devastated so many Americans appears to be history.  According to Daren Blomquist, who monitors the foreclosure market at RealtyTrac,  “We’re in the home stretch of getting through the foreclosure crisis, but we won’t cross the finish line, with filings back to pre-crisis level, until early 2015.”

4) Borrowers can expect more ease in securing a mortgage: Although interest rates are expected to rise, Erin Lantz, director of mortgages with Zillow, points to a “silver lining.” Lantz says that “rising rates means lenders’ refinance business will dwindle, forcing them to compete for buyers by potentially loosening their lending standards.”   That’s encouraging.

5) Rental market to stay strong: Because of items 1 and 2 above, along with other factors such as a decline in home-ownership and a surge in Americans on the move, forecasters at Zillow envision a robust rental market in 2014.

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About tswinslow

Your home is about how you feel when you walk through the front door. How do you want to feel - relaxed and tranquil after a hectic day? Cozy and comfortable in a large great room with a gas or wood burning fireplace? Maybe you want to smell freshly baked cookies coming from your all stainless steel oven? I take a different approach to real estate. My business is built on personal touch, building relationships with clients that last for years. I look for win-win deals and positive results. I have access to the latest technologies, market research and business strategies to exceed your expectations of an agent at Keller Williams. I'll listen and hear what your needs and requirements are and find solutions tailored to you. I like to say "I get it done for my clients". I'll exceed your expectations on follow-up, communication and leverage relationships I have with others (lenders, CPA's, builders, etc) to get it done for you. I am loyal and will follow it through til the end which doesn't just stop at the closing table. I appreciate the opportunity to earn your business.
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