Uncategorized February 14, 2013

Local Real Estate Trends for 2013

-More Buyers than Sellers. Inventory of available homes will remain low this year creating a sellers market!

-Generations X and Y become strong homeowners. Young adults (ages 18-35) continue to see homeownership as value. 43% already own a home. 72% want to own a home. 93% currently renting plan to buy.

-Move up Sellers will return. Negative equity has prevented many sellers from moving up to the house of their dreams. However, with prices recovering, more and more sellers will realize that now may be their opportunity…..especially with the continuing low interest rates.

-High rental prices will continue. Low inventory of available homes for sale, stricter lending requirements (more down etc.) and a strong economy are fueling higher rental prices.