Just read a great article packed with lots of Housing Market Facts and Predictions for 2014 by FM Realty, Industry Leaders, CBS & TMLS .
The article facts and links confirms what I have seen in our market over the past few months. Rising interest rates, new construction price increases, resales price increase all due to lack of inventory and frustrated buyers who wished they had took the housing plunge during the last couple of years.
With higher home prices and higher interest rates that $200,000 home in 2012 at 3.75% would have cost per month (approx.) for a 30 year loan P&I $926 ~ if rates rise to 5.5% as predicted then the same home at $200,000 will cost you $1,135. That’s a whooping $209 per month more which will push some first time home buyers to a lower priced homes. Or as I have seen some buyers will be pushed out of home ownership The American Dream.
Another interesting fact is Inbound States for Growing Population ~ North Dakota and North Carolina are the top 2 states according to Atlas Moving. I don’t know about you but with our recent cold snap North Carolina seems much warmer than North Dakota.
Checkout the facts and give me a call about listing your home or help buying a home in the Triangle today.
Housing Market Watch: The Outlook for 2014
by fmrealty on January 8, 2014
As a new calendar year begins, whether as an individual or a business we all tend to look back at the year previous – the highlights (and the low-lights) – and look ahead to our expectations for the coming year. The real estate market is no different. In the last several days various reports and articles have been published from housing industry experts. While they tend to focus on the industry as a whole, the Triangle market (consisting of Raleigh, Durham, Chapel Hill and surrounding communities) falls into many of the same predictions. Let’s take a look.
NAR: Housing Market is Stabilizing
“Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.” ~ Chief Economist for the National Association of REALTORS®, Lawrence Yun
Probably one of the most significant statistics in this article (significant in terms of our location being the Triangle region of North Carolina) is that pending home sales in the south went UP 2.3% month-over-month in November. Of course, we recommend you read the entire piece over on REALTOR® Mag to get the full scope of the story.
CBS News – Why 2014 is a Good Year to Buy a Home
This article includes a short but informative video interview with a knowledgeable real estate attorney about what to expect in the coming year, making note of what took place in 2013 (rising home prices, specifically). If you’ve been on the fence about buying your new home in the Triangle, he gives you a couple of compelling reasons in which you should consider making the move to purchase in 2014. Take a look –
For a more detailed recap of this interview, please check it it out on CBS News Moneywatch.
What’s Ahead for the 2014 Housing Market
In a recent article in USA Today, the author describes several key factors to look for in 2014 – home prices to go up, an increase in existing home sales to occur, additional new home construction, and an increase in mortgage rates. With regards to mortgage rates, the NAR is predicting they’ll rise to 5.5%. Take a look at the USA Today piece for more.
KCM’s Housing Predictions in 2014
Keeping Current Matters (or KCM), a content marketing resource company for real estate agents, has shared their predictions for the coming year on their blog only they predict slightly more than home price surges and and rising interest rates (but, that’s in the article too). They also remind real estate agents of the importance of creating relevant content for the web that will only aid in positioning them as THE experts in their field. Additionally, when it comes to real estate business they’re headline “Go Mobile or Go Home” pretty much speaks for itself. They predict it will be the technologically ready real estate agent and/or brokerage that will have increased business and success in 2014. Take a look at the article itself for more.
Which U.S. States Are Booming?
And when it comes to housing, what better sense of where its at than to check the data provided by companies that specialize in helping U.S. citizens move from one place to another. The annual Atlas Van Lines Migration Pattern study was released earlier this week. In 2013, North Carolina ranked #2 behind North Dakota for states with inbound moves. Equally as important, over the last decade North Carolina ranked # 3 in highest percentage for inbound moves. Read more about the annual study here.
So, what do we take from all this data?
- Home prices will rise slightly
- 2014 will be a good year for BOTH buyers AND sellers
- Mortgage rates will increase, also slightly
- People are moving to our state (and to our Triangle communities)
We said almost all year long in 2013, it was a good time to buy. If you’ve been on that proverbial fence, take a look at your goals for 2014 and talk to a Fonville Morisey Sales Associate today about your options. Why? Because 2014 is just as good of a year as last year was to make that purchase.
We’ve also been saying for the last few months, now is also a time to sell…and in 2014, you’ll have more options. Buyers ARE looking for unique properties such as yours. If you’re thinking of downsizing (or up-sizing), moving across town (or further), or whatever your motivation to sell your current home, talk to a Fonville Morisey Sales Associate about pricing it just right so you can sell it quickly!
– See more at: http://blog.fmrealty.com/2014/01/housing-market-watch-the-outlook-for-2014/#sthash.7Wza8IfA.dpuf
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