A Further Look at 2014 Housing Market Predictions

roark6Roaring back to life in 2013, the housing market is still in rebound mode, this first month of 2014. Though the pace will be a bit slower than 2013, it is expected that the housing market will continue to grow and stabilize. This will happen with the price of homes, less foreclosures, and a great jump in activity among underwater homeowners. If you're thinking of selling your home in Raleigh NC, contact The Roark Premier Team!

Selling Your Home in Raleigh NC: The Real Estate Market is Expected to Grow!

Experts say this year’s market faces strong headwinds as inventory remains tight and both homebuyers and builders face tough lending standards.

Buying a home in 2014 also brings about a minor struggle that potential home buyers could be deterred by. Good credit scores are essential for home buying now. The average FICO credit score on conventional loans used to purchase homes in November 2013 was 756, according to the most recent data from Ellie Mae, a company mortgage underwriting software. Those that aren’t sure about their credit scores shouldn’t worry though. Credit scores aren’t always a deal breaker for home loans.

Though it’s hard to determine how much more the housing market will bounce back in 2014, it is expected to jump a bit due to construction activity; something we didn’t see in 2013. According to thefiscaltimes.com, “With builders still fiscally cautious and facing the same tight lending environment as buyers, expect a small increase in the number of new homes on the market. As buyer demand picks up, the pace of new home construction should follow.”

"I think 2014 will be the year when we see that home price appreciation pulls back to more normal, sustainable levels," says Daren Blomquist, vice-president of RealtyTrac.com. “Markets that boomed in 2013 will likely scale back to more modest growth in the low double digits, while nationwide growth should average about 4.5 percent”.

Throughout the rest of this month and well into February, our Raleigh real estate agents are going to continue to keep you updated about the current situation of the housing market. Though it’s unsure of how well it will soar in 2014, The Roark Premier Team thinks now is a great time to think about selling your home in Raleigh NC. If you need help getting your home ready to sell, feel free to contact us!

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