January 8, 2014
Welcome 2014!! Predictions for the Market in the coming year.
History is a great predictor of the future. The last two real estate cycles, which each took about 16 years to complete, form our basis for expectations in the upcoming years. 2013 was the second consecutive recovery year and the pace of sales continued to escalate. While sales were up substantially, prices remained flat. This is exactly what we have seen in the past two cycles once the recovery started. If things hold true to form, this year prices will begin to climb. We will also see a corresponding reduction in inventory throughout 2014.
What does this mean to you as a seller? If you need to sell there are buyers out there ready to buy. You still have to be realistic about current prices but you will be able to sell.
What does this mean to you as a buyer? This is the perfect time to buy. Interest rates are low but are sure to be going up soon. Inventory is good now but will be reduced later this year. Prices are near the bottom but are beginning their climb with noticeable increases by the end of 2014. Its still a good time to buy but there is pressure to buy sooner rather than later.
If you have questions call any of our offices or agents. We would be happy to sit down for a free consultation with you and explore your goals.