2014 Housing Market Predictions
Posted on December 5, 2013
We have reached that time of year. That time when we all begin to reflect on the year gone by and what the future may hold. That even holds true for the real estate market!
Zillow has released their predictions for the 2014 housing market and have made four bold claims as to what we can expect. The first is that home values will increase by three percent. This is in part to rising mortgage rates, higher home prices and more new construction. Speaking of mortgage rates, those are also expected to rise and by about five percent. The upside to this is that many borrowers will find it easier to receive financing in order to purchase a home.
The last prediction is that homeownership rates will fall to 65%. That may sound like a bad thing, but this is actual the normal, sustainable rate. Easy lending standards and, therefore, more buyers are what led to the burst of the housing bubble. While predictions can outline some areas we expect to see changes, nothing is certain. To get accurate information on selling your Northwest Florida home in 2014, contact Brad Shoults Real Estate.
Posted in: Real Estate Market, Real Estate News, Real Estate Tips |Tagged: Housing Market, Northwest Florida.