Real Estate Trends for 2013

Yes it is March and spring is arriving in many parts of the country, but we are still in the early parts of a New Year and many speculate about how the real estate market will behave this year.   Here are a few things that we will continue
to see in 2013:

1)     Rates will continue to remain low

Rates should stay below 5% for the year, and will probably continue to be below 4% for most consumers for most of the year.  However, consumers have seen the rate floor continue to drop, so there will be those consumers who will wonder if these rates are low enough?

2)     Demand for housing will continue to surge

2012 and the beginning of 2013 has shown that a lack of inventory may be more of a challenge than the lack of demand that we had experienced in the past 18-36 months.  Many areas that were most devastated by the real estate meltdown have begun to show signs of improvement.

3)     Prices will continue to increase

Pricing is simply a mechanic of supply and demand, and demand for housing will remain strong in 2013.   Expect appraisals to be an issue though as the real estate meltdown has made appraisers and lenders wary of any price inflations, even ones natural for the market.

4)     Move-up sellers will return

With housing prices recovering and  rates remaining low, many homeowners will realize that now may be their greatest opportunity to make the move to a lifestyle they always wanted.

2013 will be a good time to make that move you have been thinking about, give me a call and let’s talk timing of making of that move!  

Carol Murphy

Keller Williams, Greater Cleveland West ~ Carol Murphy Team

Avon Lake Real Estate