Are you wondering if 2015 is a good time to put your home on the market?

Would you love to own a home, but struggle saving the 20 percent down payment?

2014 was a steady year for the housing market, but what is going to happen in 2015?

According to The Washington Post, not only will this year be steady, but there are even more reasons for optimism when looking to what might happen in 2015.

Today, we are sharing 3 real estate predictions for 2015. We will cover predictions for first time home buyers, predictions that might convince you to put your house on the market and much more.

Real Estate Predictions For 2015

  1. First Time Home Buyers Will Buy

    First time home buyers have been reluctant to enter into the housing market. One of the biggest reasons was the difficulty in saving the 20% down payment. As we head into 2015, that obstacle has been removed.

    In an article we published on Tuesday of this week, we shared with you that new mortgage programs are only requiring a 3% down payment. These programs are being introduced by both Fannie May and Freddie Mac.

    To compete, the Federal Housing Administration is also lowing the cost of the annual insurance premiums from 1.35% to .85%.

    Removing this barrier will allow more first time home buyers the ability to purchase homes in 2015.
     
  2. The Rise in the Housing Prices will Decelerate

    The Washington Post and Fortune (magazine) both are reporting that the rise in home prices will decelerate.

    The Washington Post reports the reasoning being because inventory will rise, making a more competitive, but eventually decelerate because,

    That’s because the rebound from the bursting of the housing bubble has just about run out of steam.”

    Either reasoning, the prediction has been made that while there may be a slight rise in home prices, that rise will plateau in 2015.
     
  3. Interest Rates Will Raise

    The National Association of REALTORS®, The Washington Post, and Fortune all agree that this is the year in which mortgage interest rates will rise.

    So, how much will interest rates raise? Not much. Both Realtor.com and Fortune.com predict that by the end of 2015, mortgage rates will hit 5%. The Washington Post anticipates there will be a rise, but not a spike.
     

Summary

All and all, the predictions for 2015 are indicating a good year for the housing market. Almost all experts agree that the foreclosure crisis will officially end this year as well.

Are you thinking about putting your home on the market in 2015? Please check out, What Do Home Buyers Really Want?, to give your home that edge above the competition.

Whether you are ready to buy or sell, we are here to help. Please give our office a call today at:

248-348-7200