What do the experts think the 2014 real estate market is going to look like?
In a nutshell:
- Dodd-Frank lending changes: tight requirements for borrowers seeking qualified mortgages.
- Interest rates are most likely to go up and surpass 5%.
- Expect turnarounds in a lot of cities: Detroit, Santa Barbara and Reno top the lists.
- Home affordability expected to decline: it dropped to it’s lowest in 5 years in 2013.
- Don’t count on finding a foreclosure: fewer homeowners are losing their homes as the economy improves.
- It may be a good time to buy a second home: Florida and Nevada are still seeing higher inventory and listing prices well below the national average.
- Prices will increase at a less rapid pace than past years: forecasts put the increases between 3%-5%.
What do you think?