In the real estate world, 2013 was quite a year to observe and ponder, wasn’t it? Quite unlike any other in recent history. Considering that it was clawing its way back from the doldrums of the worst economic recession since the Great Depression, it had a lot of catch-up to do and, while uneven, it rose to the occasion.
Prices rose an average of five percent nationwide and in some tony pockets of Westchester, as much as 20 percent. Instrumental in the price increase was the low inventory compared with the number of buyers in the market competing against each other in bidding wars, unheard of during the recession. And mortgage rates remained at historic lows.
Much of that is about to change according to the pundits whose expertise The Home Guru culls from his crystal ball to present a list of housing predictions for 2014 – the good, the bad and middling – as follows here.
In short, the so-called perfect storm, just before both mortgage interest rates and listing prices rise, is in the first six months of 2014. So don’t hold out until the spring market! For now, enjoy a Happy New Year’s Eve, then call your Realtor!
Bill Primavera is a Residential and Commercial Realtor® associated with Coldwell Banker, as well as a publicist and journalist who writes regularly as The Home Guru. For questions about home maintenance or to engage him to help you buy or sell a home, he can be emailed at Bill@TheHomeGuru.com or called directly at 914-522-2076.