Housing Market Predictions for 2014
The road to recovery will continue through 2014. The chief economist of the National Association of Realtors (NAR) expects home prices to increase an additional 6%. As a result, many now realize that it is a great time to buy a home before prices jump and a great time to sell before inventory drastically increases. The following are 5 reasons to place your home on the market early in 2014.
1. Demand Is High
The most recent Existing Home Sales Reports by the NAR show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months. There are buyers out there right now and they are serious about purchasing.
2. Supply Is Beginning to Increase
Total housing inventory is again approaching historic norms of a 5 month supply compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.
3. New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
4. Interest Rates Will Again Rise
Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by this time next year.
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
5. It’s Time to Move On with Your Life
Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.
With over 7 years in the business I offer my clients the most comprehensive representation in Maryland. Not only am I a REALTOR, but I also hold a Broker's license, which is the highest and most specialized license a REALTOR can hold. Customer Service is my Priority, Selling Houses is My Goal! Contact me for any and all of your Real Estate Needs. 443-504-8930