It seems like 2012 came and went so quickly. Was this a good year or a challenging year for you? Let’s take a look at the 2012 real estate market and the 2013 real estate market and make some predictions for the year to come!
The National Association of Realtors reported that home sales were up 5.9 percent for the month of November and that sales are on track for a five year high.
This is great news because it means that sales are up from last year. However, most appraisers and agents say that the market has some ways to go. Buyers have began to see that homes are on sale and that it’s a great time to buy, which will eventually pick the market back up.
Experts estimate that the real estate market will continue to improve in 2013 because interest rates remain low and new properties hit the market.
For example, in New York, experts believe that the economy will heal and few new rental properties make this a better buyers market. Low interest rates will encourage banks to be less frugal with financing requirements, which helps buyers too.
“As the economy continues to heal and as New York City’s job situation continues to get better, you’re going to see an even further tightening of the rental product,” said one real estate expert.
Forbes magazine also considers construction of homes as a measure of the 2013 market:
“It’s too early for housing starts to get back to normal—and we certainly will not see above-normal construction anytime soon. But 2013 will probably see over one million total housing starts. This will be a substantial percentage gain over 2012…”
So far, most experts agree that 2013 will be a good year for low interest loans and buyers. So what’s your New Year’s resolution? Do you resolve to purchase that dream home in 2013?
From our family to yours, here’s to a happy and healthy New Year!Tags: 2012 real estate, 2013 real estate market, appraisal questions, appraisal questions answered, appraisal sale, appraiser questions, buy a home, new years eve, property appraisal, real estate appraisals, what is an appraisal, what is appraisal
This post was written by Joseph Castaneda