Home Buying Trends for 2014

Home Buying Trends for 2014

With the housing market slowly recovering, some of us are wondering what the year 2014 is going to look like. For those of you who are included in that group, I’ve put together this following list of predictions:

  1. Zillow, a real estate database, predicts four things for next year. They predict that both home values and mortgage rates will rise during the year 2014, which makes sense as the market continues to recover. They also predict that it will be easier for people to get approved for mortgages, and that homeownership rates will fall to the lowest they’ve been in over two decades. Along with these bold predictions, Zillow also lists the top 10 cities they think will have the hottest markets in the coming year.
  2. Realtor.com makes several predictions, one of which is that the amount of foreclosures is going to shrink.  They also predict, in line with Zillow, that both mortgage rates and the worth of homes will rise.
  3. A compilation of predictions have also been listed by CBS news, including the prediction that the condo market will recover much slower than the single family housing market, and that building multi-family apartments will all but cease.

There are many different sources online for looking at predictions for 2014’s housing market, but it’s clear that the market is indeed growing at a gradual but steady pace, and that mortgage rates and home prices are slowly on the rise. So if you’re looking to buy, you might want to do it sooner rather than later, and if you’re planning on selling in the coming year, the market for you will be better than it has been in years.

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