Our Raleigh real estate agents say that 2013 was a great year for the housing market recovery. We tracked its skyrocketing progress in several posts throughout 2013. (You can visit them here, here and here) In 2014, home sales are expected to level out, not rising, not dropping, mainly due to a shortage of homes for sale. The number of homes for sale in the US is currently pretty low.
According to blog.wjs.com, “Foreclosure-related listings have plunged, and traditional buyers haven’t flocked to list homes. New construction, meanwhile, won’t be back to normal historical levels for years. The consensus view is that price growth continues at a somewhat slower pace, but that consensus view could be wrong—for the third year in a row—if there aren’t more homes for sale.”
Home prices have recovered well, however, new construction has not. Without the new home construction, the market will continue to stay at a level pace. Those wanting to sell their home in Raleigh need a place to live once their home is sold. With a shortage in homes for sale, low priced homes, and a new construction lull, it’s impossible to soar above 2013’s housing market recovery progress.
Raleigh Real Estate Agents | Home Prices expected to Rise
Thankfully, according to forbes.com, “Redfin and Zillow are predicting that home prices will rise between 3% and 5% in 2014. For comparison’s sake, 2013 saw jumps of 5% nationally, with increases of more than 20% in some hot spots. These gains, while beneficial in many ways, were also unsustainable and well above historic norms for healthy, balanced markets. This year, home value gains will slow down significantly because of higher mortgage rates, more expensive home prices, and more supply created by fewer underwater homeowners and more new construction.”
Following the housing market and its progress can be quite confusing and overwhelming at times. Be sure to check back with our real estate blog soon, for more information regarding the current state of the housing market and home sales for 2014.
The Roark Premier Team is here to help you sell your home in Raleigh, as well! Our real estate agency guarantees to sell your home within 60 days. If you’re looking to build a new home and need to sell your current one, our Raleigh real estate agents are here to help!