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Articles  >>  2013 Real Estate Trends And Predictions

 

In the 2013 calendar year, there are going to be some Real Estate Trends to watch for. There have been some predictions and views voiced by some real estate economists that say these are the trends to watch for in 2013:

 

  • Price of homes on the rise:      Home prices are on the rise with the new home construction picking up the real estate economists say that they expect a 5% price increase for the average home.
  • Higher building materials:      This year we will see a lot of qualified construction workers return to their trade, which in turn will bring up the costs of labor, not to mention the rising costs of materials such as lumber, sheet rock and copper to name a few.
  • Short Sales:     Real estate economists agree that the amount of short sales may go up this year.
  • First time home buyers:   An NAR (National Association of Realtors) survey that was completed in November 2012, showed that 39% of current borrowers to be first-time home buyers.
  • Property Managers:    Many investors that bought foreclosed properties in bulk last year from the FHFA (Federal Housing Finance Agency) have turned to professional property managers to keep the properties that they have bought and rented well maintained, so it is a great time to become a property manager.
  • Mortgage Rate Increase:      The real estate economists are expecting the mortgage rates that have remained at a historic low for so long to go up this year. The prediction from NAR is a gradual increase of 4% this year. What we have been seeing previously is 3.5%.
  • Increased Rents:     The 20+ people that have living at home during the bad economy should now start to move away and look for their own place. This may force the rental market to rise and could cause problems in highly populated areas that don't have enough rentals.
  • Less foreclosure bargains:     In 2012 there were hundreds of distressed loans sold to buyers under new loan terms. Because of this there will not be as many foreclosures as there was in the past.



For more information please visit: www.fhfa.gov, or the NAR website at www.realtor.org.

 

 

 


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