What Will Real Estate in 2014 Look Like?

Have you been considering buying or selling a home?

On this Tuesday before Thanksgiving, are you thinking to yourself how nice it would be to host the family dinner in a different home? Have you been secretly searching for new houses online? Are you nervous about what the housing market’s future will hold?

Wouldn’t it be nice to be able to look into our futures and know for certain which choices are the right ones? While it might be unrealistic to think we can predict the future, there are trends that we can follow and forecasts we can analyze. Today, we are going to look into what the experts are saying about the housing market in 2014.

2013 Housing Market in Review

Let’s take a quick moment to review what has happened this past year. In 2013, we saw home values start to return all across America. In our little corner of the world of Oakland, Macomb, Livingston and Wayne counties, we saw median home sale prices rise 42% in October as compared to October of 2012 according to Realcomp.

As home values started to climb, the 30-year fixed mortgage rate stayed low. This year has been exciting. More and more buyers have been looking to take advantage of these low interest rates and sellers have been benefiting from it.

November Predictions for 2014

There is still a month left of this year, but there are a few things that we can already be looking forward to for next year. A little more of our faith in the market has returned, and that has many people considering the possibility of moving on from their current home. However, what will the market look like next year? According to MSN Real Estate,

Market observers agree that home prices will rise in 2014, but at a slower, more steady pace compared with historical trends. Clear Capital forecasts that home prices nationally will rise by 3 percent to 5 percent in 2014, about the historical average.”

Like a Great College Sports Team

Just like a great college sports team that signed on an amazing freshmen, 2014 is sounding more and more like it is going to be a great rebuilding year. Next year should be steady, and through that steadiness the housing market will win back many Americans’ confidence in the housing market.

Are you ready to move on? If you are, we would love to be the ones who help you move out of your current situation and into the house that you have been dreaming of.

All of us at the Jamey Kramer Group hope you have a wonderful holiday week. Please don’t forget to come back here on Thursday especially if your turkey didn’t turn out the way you planned. On Thursday, you’ll be invited to check out where you can go out to eat for Thanksgiving dinner in Northville and Novi, Michigan.