Somehow, April is over and May is here – we’re well into spring and summer will have arrived before we know it! The 2014 real estate market is also speeding forward in activity this season… Here are some of the most important things you should know and facts about the spring 2014 real estate market:
- This year is expected to be the strongest since the recession. While growth and activity in the real estate market has improved only modestly in recent years, industry analysts are projecting 2014 to have the highest level of activity since the 2006/2007 year. Job growth and housing affordability are the top factors contributing to this estimated growth.
- Household ‘formations’ should affect the real estate market growth. Typically, newly formed households will buy or rent their own home, however a recession such as the one we’ve experienced will cause these demographics to move back in with Mom and Dad, or ‘double-up’. Now that the job market is recovering, and with the expected job creation rate for 2014, market analysts project a more rapid rate of independence for newly formed households. “Beginning in 2014, the pace of household formations should accelerate to an above-trend pace for several years, pushing up housing demand,” according to The Economist’s Housing Wire.
- Mortgages may become more available. Qualifying for a mortgage could become easier – particularly for those with less-than-exceptional credit – since lenders seem to be moderating their standards a bit. Of course, mortgages are not as easy to acquire as they were during the housing boom (and shouldn’t ever be again), however, Fannie Mae and Freddie Mac have increased their market share of mortgages, and lenders are increasing the availability of their mortgages to qualifying applicants.
- Improved job growth will boost the real estate market. According to the Associated Press, “Average prices nationally are expected to rise by single digits this year. The gains could be strongest in areas with solid job growth, such as Seattle.” However, with strong job growth and swelling populations comes less supply for interested homebuyers. This means that in the Greater Seattle area, interested homebuyers should get their ducks in a row now, to acquire their dream home at a good rate before it’s snatched up at a higher price.
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