With home ownership being one of the most desired personal goals in America, it is no wonder that thousands of Americans are watching to see what the real estate market will be like in 2014. Several individuals had to compromise on their dreams of home ownership in recent years due to the recession but studies show that consumer confidence continue to rise and individuals are moving towards home ownership again.
For those persons interested in the Southern California area, here are some housing listing to watch
1. Increases in home prices and values –
The real estate market started an upward trend over the past 2 years that is predicted to continue in 2014. Many luxury home experts believe that over the next few years the markets will be brought back to a peak as the economy continues to recover. This will result in the increase of home prices and values as individuals no longer find themselves in a position where they feel they have to sell and are less likely to accept low offers on properties.
2. Mortgage rates to go up
For 2014 experts have predicted that mortgage rates will rise, though marginally. Despite this however 2014 will be a great year to buy as rates are projected to remain below the historical average, and the increasing home values this year means that you would be making an excellent investment for your future.
3. Dwindling Investors –
As the recovering economy continues to drive the prices of properties up this year investments in real estate will start to slow as investors find it harder to dip in their coffers.
An investment in real estate was very attractive in the past few years due to the relatively lower costs of properties. Investors could get properties for a steal and make a killing off them if they were to resell now. This is set to change in 2014 as the prices are not likely to be as low anymore.
With the dwindling numbers in investors to be seen this year most buyers will be looking to purchase primary residence.
4. Its a seller’s market –
Experts predict that 2014 continue the trend seen in 2013 where the real estate arena will predominantly be a seller’s market. This prediction is true for Southern California and the entire country as a whole.
Home buyers should be careful when deciding what they want and be very practical about what they can afford as the seller will generally be the one setting the final prices. And let’s face it; anyone selling property will want to get as much money from it as they can.