Here's a recall on the real estate market forecast for 2013. This news is 'BIG' since we are only three months into 2013.
Ready?
Lead Capital Economics had previous forecast a 5 percent price gain for this year. NOW they are revising their prediction to 8 percent price gain!!! Due to the strong demand and tight inventory, existing home sales and great mortgage rates are causing a shift of a buyers market to a sellers market. With an increase in home prices will also have some real estate investors to consider leaving the market or holding on to properties a bit longer.
Will this help with the strict lending? Perhaps. Currently, mortgage rates have slightly risen but could fall again.
Another big change is the increase of foreclosure homes as opposed to short sales are becoming more common and the price difference is a 12 percent difference as opposed to last year's 30 percent.
This will be one interesting year in real estate.
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