Friday January 24, 2014
Looking at 2013, we can all agree that the market is booming in Texas real estate and that good things came our way. Home values have increased by $1.9 trillion in the United States and the Dallas-Fort Worth area accounted for $18.7 billion of that growth according to Zillow. Also, the increase in Dallas-Forth Worth home values exceeded almost by double of the increase experienced in the Houston area as Zillow reports. The recession seems to be way behind us and optimism is in the air for 2014.
Take a look at some of the positive and negative market predictions made by the experts in 2014:
- Zillow: Even though there will be an increase in home values by about 4.3 percent, this will happen slower than in 2013. Also, mortgages will rise.
- Trulia: Purchasing a home is becoming more expensive for buyers as well as obtaining mortgages.
- National Association of Realtors: By the end of the year, mortgage rates are expected to rise to 5.4 percent.
- Freddie Mac: The economy is still recovering slowly and will not be fully recovered until 2015 or later.
- National Association of Homebuilders: Housing starts up from 629,000 in 2013, but not yet robust, reaching 93 percent of target 1.7 million by year end 2015.
- Zillow: Lenders will loosen up since the demand for refinancing will go down, which means borrowers will have an easier time getting mortgages.
- Trulia: There will be more inventory to choose from for buyers as well as easier financing.
- National Association of Realtors: In 2014 house prices are expected to go up by six percent.
- Freddie Mac: All homeowners should be above water on valuations by the end of 2014 and new housing starts will exceed 1 million.
- National Association of Homebuilders: New single-family home starts in 2014 at 826,000, reaching over 1 million in 2015.
To read more about market predictions for 2014 take a look at this article from CBS DFW: U.S. Housing Market Moving On Up In 2014, But Cautiously
Call us at (972) 905-5001 and learn more about our new homes in Las Colinas, Coppell, Flower Mound, Plano, Arlington and Allen.