The housing market took a positive turn during the year, making it one of the major economy boosters. After a minor lapse, the housing recovery allowed for an increase in sellers' asking prices, more manageable costs for homeowners and confidence from potential builders. Experts predict that for the most part, these positive outcomes will continue to flourish as we enter the New Year. Here are a few things that have been predicted for 2014:
Mortgage Rates Will Rise – An online real estate database predicts that mortgage rates will stay within normal levels but hit about five percent by the end of 2014, which is an increase from the more current rates of about three to four percent.
Mortgages Can Be Acquired With Ease – Due to the minor increase in interest rates, mortgages will be easier to acquire. Lenders will be forced to lower their standards when it comes to lending. This is mainly in part due to the dwindling refinance business that will cause them to begin competing for buyers - which is a benefit for you.
More Home Availability – Due to rising prices and construction, the amount of homes, new and old, will be on the rise in 2014. This will help the housing inventory or the homes that are available to be purchased, return to normal levels.
Decrease in Foreclosures – At one point, the amount of foreclosures in the housing market were at an all-time high but since, have been on the decline and are expected to stay at that rate.
Overall, 2014 should be a great year for the housing market, and now is a great time to begin the buying process. Contact us today to begin your search.