Home prices will rise in 2014 but at a slower, steadier pace
compared to historical trends. The housing recovery has pushed
up home prices nearly everywhere. In 2013, a sense of urgency
drove traditional buyers hoping to take advantage of still affordable
home prices and historically low mortgage rates.
Buyers found the selection limited and were often forced into
bidding wars with investors and other buyers who paid cash.
Distressed properties are still adding to the supply of homes
nationally, but foreclosure filings are falling. Homes continue to
be affordable, despite recent run-ups. According to Clear Capitol
(a valuation solutions company), on average, prices are still 31.5
percent below their 2006 peak. The percentage of monthly
family income consumed by a mortgage payment (assuming a
mortgage rate of 4.1 percent) is just 15.6 percent, on average,
compared with 23.5 percent in mid-2006. Experts say the
economy is expected to expand enough in the coming year to
enable young people to begin moving out. They'll probably rent
first, but low vacancy rates and higher rents will prompt some
renters to move on to homeownership.
Whatever your needs are, I am here to help. I look forward to
meeting you personally and invite you to take advantage of my
services as your area Realtor®.