Real Estate Expectations for Spring 2014
This last year in real estate has definitely had its ups and downs, but most professionals would agree that the market has taken a turn for the better and is on the rebound. Now that spring is here, the market is picking up speed with fairly priced homes in good condition, selling within hours of going live. If you are planning to buy a house or sell one, there are some things you should know about the current real estate market that will help you understand what you can expect and here they are:
- This past winter, home selling season hit a low peak due to record-breaking weather conditions all across the country, which means the current market is innovated with buyers who have been waiting for the weather to get warmer.
- Statistics indicate that 60% of all homes sales in 2014 will occur from the month of May to August.
- The majority of areas where real estate is statically in high demand has seen price increases in the past year. Additionally, as we getting further into the selling season, prices of homes are expected to continue to increase.
- When considering home prices it is important to look at recent comparisons for similar homes in the area to assess the value of a specific home.
- Mortgage rates are still lower than they have been in years.
- Listing your home in May or June will result in less competition as more homes statistically come on the market during these times. However, inventory is still expected to remain low so buyers will need to be prepared to act fast.
- Lower priced homes will sell in 2014 quicker than luxury homes, so the seller of a luxury property will need to be patient and on top of their marketing.
- Buyers typically decide within 60 seconds of seeing a home whether they want to consider buying it or not.
- More buyers will be searching for homes online than ever before. So having a strong online marketing presence is imperative.
- 2014 is to be a seller’s market and buyers should be prepared for that at the negotiation table.