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2013 housing trends can help predict the market for 2014
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Declining interest rates, inventory and increasing home values were the prevailing trends seen in the nation’s housing market in 2013. And as it always helps to look back to understand future market tendencies, 2013 can serve as a barometer for how the housing market might play out in the coming year.
According to realtor.com, there are five trends to look out for in 2014.
1. Inventory should gradually stabilize and return to traditional seasonal levels
In 2013, buyer demand increased as more individuals rebounded from the financial setbacks caused by the Great Recession. However, many sellers waited for further price increases on their homes and additional evidence of a stabilized market before putting their homes up for sale. As a result, low inventory caused a frenzy of activity as willing buyers jockeyed to acquire the limited amount of available homes.
As the year comes to an end, inventory is approximately the same as one year ago; however, homes are selling faster than in 2012, and the median age of inventory is down by 11 percent. In 2014, inventory is expected to increase as more buyers look to capitalize on their increased home values, bringing back inventory levels to more traditional levels in the process.
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