Happy New Year!What does the market look like for 2014?
The National Association of Realtors forecasts total existing-home sales will reach 5.1 million (for 2013), a gain of almost 10% over last year. It expects sales to be at around the same level in 2014 and then rise to 5.3 million in 2015.
Steady employment gains have helped prospective home buyers absorb the impact of higher mortgage rates, while home builders have ramped up construction activity and helped to ease a shortage of homes available for sale. Data released earlier this month by the Commerce Department showed that new home construction in November surged to its highest level in nearly six years.
New supplies can help to moderate rapid price gains in the country's hottest housing markets and encourage new purchases. Prices are back to all-time highs in 10 of the nation's 50 largest metropolitan areas, according to a Wall Street Journal analysis of price data from Zillow, an online real-estate information service.
One potential headwind for the housing sector, rising interest rates, could gain strength in the coming months.
So what does this mean for Rodgers Forge? Housing inventory was historically low for most of 2013. this resulted in stronger pricing for sellers and fewer days on market. For the most part, properties that were in good shape and in good locations flew off the shelf in less than a week. Properties that needed some work or were in less desirable locations, sat on the market for 40-90 days. Every month there was a healthy list of homes under contract (8-12) waiting to go to settlement. Right now there are only 10 homes for sale on the MLS. Typically for this time of year, there would be closer to 20 or more. So we will see what the Spring market brings. But it would seem that with interest rates still low and inventories also still low, buyers will still be out there looking for their first house, their perfect house, their next house. As long as this scenario doesn't change, it remains a seller's market and you can expect sellers to drive housing values and look for prices to continue moving up.
January Market Update
10 Homes Currently for Sale
4 homes -- 3bdrm/2bath --$269K-$299.7K
6 homes-- 3bdrms/1 bath -- $275K-$329.5K
3 Homes Currently for Rent
$1800-$2600 (Rodgers Choice highest rent))
5 Homes Currently Under Contract
2 homes--3bdrm/1bath -- $200K-$229K
1 home -- 4bdrm/1bath -- $284.7K
1 home -- 5 bdrm -- $459.5K
11 Homes Sold since December 1, 2013
The National Association of Realtors forecasts total existing-home sales will reach 5.1 million (for 2013), a gain of almost 10% over last year. It expects sales to be at around the same level in 2014 and then rise to 5.3 million in 2015.
Steady employment gains have helped prospective home buyers absorb the impact of higher mortgage rates, while home builders have ramped up construction activity and helped to ease a shortage of homes available for sale. Data released earlier this month by the Commerce Department showed that new home construction in November surged to its highest level in nearly six years.
New supplies can help to moderate rapid price gains in the country's hottest housing markets and encourage new purchases. Prices are back to all-time highs in 10 of the nation's 50 largest metropolitan areas, according to a Wall Street Journal analysis of price data from Zillow, an online real-estate information service.
One potential headwind for the housing sector, rising interest rates, could gain strength in the coming months.
So what does this mean for Rodgers Forge? Housing inventory was historically low for most of 2013. this resulted in stronger pricing for sellers and fewer days on market. For the most part, properties that were in good shape and in good locations flew off the shelf in less than a week. Properties that needed some work or were in less desirable locations, sat on the market for 40-90 days. Every month there was a healthy list of homes under contract (8-12) waiting to go to settlement. Right now there are only 10 homes for sale on the MLS. Typically for this time of year, there would be closer to 20 or more. So we will see what the Spring market brings. But it would seem that with interest rates still low and inventories also still low, buyers will still be out there looking for their first house, their perfect house, their next house. As long as this scenario doesn't change, it remains a seller's market and you can expect sellers to drive housing values and look for prices to continue moving up.
January Market Update
10 Homes Currently for Sale
4 homes -- 3bdrm/2bath --$269K-$299.7K
6 homes-- 3bdrms/1 bath -- $275K-$329.5K
3 Homes Currently for Rent
$1800-$2600 (Rodgers Choice highest rent))
5 Homes Currently Under Contract
2 homes--3bdrm/1bath -- $200K-$229K
1 home -- 4bdrm/1bath -- $284.7K
1 home -- 5 bdrm -- $459.5K
11 Homes Sold since December 1, 2013
| 234 Overbrook RD | List:$155,000 | Close:$197,000 |
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