A 2013 Recap and Real Estate Market Projections for 2014

2014 started off slow with the perceived “cooling” of the real estate market.  Also, it started the end of Ben Bernanke, the introduction of Janet Yellen as Fed Chair, and job creation lower than previously expected. The housing recovery has pushed homes prices in most cities across our nation. Nationwide, prices rose by 10.9%, pushing the median price for existing homes up by $30,000 to $215,000. While prices continue to increase, homes are still affordable and on average 31.5% lower than their prices during the 2006 peak. Housing Market Increases Historically, low mortgage rates created a sense of urgency in 2013. Hence, traditional homebuyers took advantage of the still-affordable homes. This happened even as “good deals” were not available. Therefore, investors and other buyers were quick to engage in bidding while offering up cash for properties. Markets that were recently seen as “duds” quickly gained desirable status. One such city […]

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