10 Real Estate Predictions For 2014

10 Real Estate Predictions For 2014

Interesting article from our Lender Southern Fidelity.

 

10 Real Estate Predictions for 2014

Searching for a comprehensive list of what real estate will look like in 2014? Look no further, because we've culled together top predictions from around the web for you right here, with insights from Trulia.com, Zillow.com, Forbes, the NAHB and NAR.

1. Unemployment will stabilize between 6.9 percent to 7.2 percent as people re-enter the labor market and start looking for jobs.

2. Affordability will get worse, although price increases will slow from the unsustainable pace of 2013.

3. Expect mortgage rate increases next year. Don't expect major hikes to scare markets and buyers, but anticipate small upward rate increases as the Fed tapers further.

4. Move-up buyers will be less discouraged by rising prices and interest rates than investors or first-time buyers.

5. Gains in housing will hold up and even continue in 2014, but more moderately in all sectors: new homes, existing homes, and building starts. Growth, however, will be uneven across states.

6. Higher prices will encourage listings for homeowners whose homes were underwater; buyers will face less competition from investors who scale back from buying as prices rise.

7. Existing-home sales will climb 4 percent to 5.2 million, a 7.5 percent increase from 2012. New-home sales may climb by another 16 percent to 580,000 next year (2013 saw an amazing 36 percent increase over 2012).

8. Areas with inventory shortages should cool, but watch rising mortgage rates (see #3). Sales in California and Arizona will be rapid, while New York and Florida will continue to deal with gluts.

9. Prices could slow for the wrong reasons, too, if there's another government shutdown to dampen consumer confidence, which hurts both demand and pricing.

10. Looser credit may help renters become new owners. With fewer foreclosures, single-family rentals will tighten making buying more appealing.

Existing Home Sales

Existing Home Sales fell by 4.3 percent from October to November to an annual rate of 4.90 million units and down 1.2 percent from a year earlier, marking the first year-over-year decrease in 29 months.
  






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Phone: 702-526-2298
Dated: February 11th 2014
Views: 1,154
About Ivy: Over 14 years experience in residential sales, land, multifamily and commercial. I am currently the...

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