News for the 2014 real estate outlook seem optimistic from what I'm reading. The economy, job growth, and the generation shift will continue to effect the market in the near future.
Where do you see the real estate market going in 2014?
If you’re a little unsure, don’t worry. A bright group of real estate investors, developers and brokers got together to talk about this very question at the Urban Land Institute’s fall meeting in Chicago. They came up with some pretty great answers, too.
Below I’ve listed a few of the top real estate trends they’re expecting to see in 2014. Read my story on CBS News here to get the full list.
1. Millennials are moving the market, but not as homeowners.
Austin, Portland, Seattle and the Twin Cities are among the top areas in the U.S. attracting Millennials, which is great for business in those regions. But they’re still not buying as many homes as their parents did. They've been sticking to renting for the past few years, so expect that to continue in 2014.
2. Real estate recovery still depends on job growth.
Job growth is important to the real estate recovery, and without it we really won’t be seeing any improvement for the real estate market. This doesn’t bode well for the recovery next year due to the sluggish increase in jobs.
But it’s not all bad news. Cities in the Bay Area and Texas have recovered well thanks to their low unemployment rates. Places with a handle on their unemployment rate will likely grow over the next year. Towns that have a lot of struggling businesses can expect little improvement.
3.The buyer's market is long gone.
Home prices have gone up quite a bit this year and it looks like they're going to keep rising next year. This will be great news for sellers whose homes were underwater, but will end up disappointing buyers who are looking for a deal.
Head over to CBS News to see the full list of real estate trends to expect in 2014.
Rainers: Did you make the Urban Land Institute's fall meeting? What other real estate trends do you think will happen next year?
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.