Corona CA Housing Market Predictions for 2013
I am not a fortune teller. But with all the available data provided by NAR and CAR, I am able to predict what is going to happen in 2013. So here it goes, 5 simple predictions for 2013.
1. As interest rates rise...so will your monthly payments. Purchase NOW in order to get lower payments on your mortgage payments. Check out below how much your monthly is increased by every .25 rate increase.
2. Mortgage rates are on the move upward. As the economy improves and unemployment decreases, the demand for credit will most likely increase, which in turn will increase mortgage rates. So why wait? Purchase now. The sooner you act, the more money you will save in the long run.
3. There is going to be an increase in the number of new household formations. More first time buyers will be in the market during 2013. As the economy improves, young adults will be leaving the comfort of their parent's and relative's homes to start growing their own roots. The fact that housing market trends indicate that home prices are inching upwards, only gives first time buyers the urgency to act quickly.
4. We are seeing more move up buyers jump into the market. Investors and homeowners are seeing the benefit of purchasing move up properties. The sooner they jump in, the more money they will be able to save on monthly payments and the more equity appreciation on their property they will have.
5. Home prices are expected to increase throughout 2013. Demand is still high and inventory is at an all time low which only translates to increased home prices. We are expecting first time buyers, new household formations, investors and hedge funds fighting for the same homes that become available for sale during 2013.
So as you can see, it doesn't take a fortune teller to predict some of the housing market predictions for 2013.
In summary of my 5 predictions for 2013, I predict that due to greater demand coming from first time buyers, more move up buyers and new household formations, the price of homes will steadily increase throughout 2013. As the inventory decreases and the economy improves, interest rates will continue to increase. But over all my top prediction is if you act now instead of later, you will save money on your monthly mortgage payments.