Real Estate Predictions for 2015
Image via Flickr courtesy of Gabe Austin
Welcome to 2015! It’s new year filled with new possibilities and beginnings. If you’ve thought about buying or selling a home this year, the real estate predictions for the year ahead are something to keep in mind.
Take a look at these predictions to help you in the decision-making process for your real estate needs in the year ahead.
- Real estate sales will reach 2007 levels. According to a recent report released by Freddie Mac, the number of home sales across the country will reach 2007 levels, around 5.6 million homes sold. This is a four percent increase from 2014. The National Association of Realtors (NAR) predicts 5.92 million, while the Mortgage Bankers Association (MBA) predicts 5.66 million. Either way, the thought is that more buyers will purchase in 2015.
- Technology will influence home buying decisions. Zillow had their own predictions about the future of real estate in 2015. As real estate agents learn how to harness all the data available, we may be able to share much more detailed information about homes for sale such as Wi-Fi connectivity and signal strength. Manufacturers of home products are also getting on board with consumer’s tech needs and integrating technology between products, phones, and owners so you’ll have even more control at your fingertips.
- Mortgage rates will rise. Realtor.com shared predictions for 2015. Number one on the list – rising mortgage rates. Rising rates are an indication of a healthier economy that can bear the increase. That sounds wonderful, however, it can hurt affordability for some buyers. Anyone thinking of buying should watch the rates closely, as well as home prices. Shop around for the best rates as each mortgage lender offers different products and different rates, and make sure to get pre-approved so you have real numbers to compare between lenders.
Regardless of what predictions the industry experts make, there’s one thing that’s true for any real estate market. All real estate is local. If you want to know what’s happening along the Emerald Coast, talk to a local agent.