Housing Is Stronger Today, According to FreddieMac

"Housing is stronger today than at any point since the Great Recession began and hit bottom in 2009," FreddieMac stated in a recent blog post.  Additionally, even more growth is are expected this year, with these encouraging statistics:

  • Home sales are up 13% since their low point. Home sales are expected to continue to increase in 2014 - to the tune of about 3% - while the market continues to grow.
  • Housing starts are up 50% since they bottomed out.  20% growth is expected in this aspect as well in 2014, easing tight inventories in many markets.
  • House Prices are up 16% since their trough.  Positive increases are still expected (though at a more moderate pace) in 2014.  Home value increases should increase at roughly 5% this year.

Mortgage Rates Remain Near Historically Low Levels - Though Rising

Similarly, mortgage rates remain near historic low levels.  However, mortgage rates are expected to continue rising, about a half percentage point during 2014, nearing 5% by the end of the year.

It is in this light that prospective homebuyers are encouraged to take advantage of the current market conditions, as this half percentage point could make the difference when it comes to being able to afford a home.

In short?

There is an overall positive view of the real estate market as we know it, as improvement is being seen day-to-day.  Real estate is now considered the best form of long-term investment, and many families are taking advantage of the positive state of the market.

The biggest challenge in the current market is lack of inventory.  In this vein, if you're thinking of selling your home, now would be a great time to do so as many buyers are prospecting.

Looking at participating in the real-estate market, and need some guidance?  Don't hesitate to send us an email or give us a call - we'll be happy to help.

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