The real estate market of 2014 experienced a respectable acceleration, and improvement is expected in 2015 as well. Realtor.com has released its top 5 predictions for the 2015 real estate market.
1. Mortgage rates will continue to climb – when the market improves, rates rise!
2. Millennials (ages 13-33) will begin to purchase homes – after struggling through the recession, a large majority of Millennials surveyed indicated their motivation to increase their family size. Bigger families need bigger living spaces.
3. Builders will break new ground – as demand for new homes increase, builders are predicted to have a busy 2015, although they will continue to be limited by labor and material shortages.
4. Credit will continue to be extremely important in securing home loans – banks learned a hard lesson during the recession and will continue to be strict in their loan standards.
5. The foreclosure crisis will come to an end – foreclosures and short sales were down more than 30% in 2014 and are continuing to drop.
For more details on each prediction, read the full article at Realtor.com.
Whatever the outcome of the 2015 real estate market, the Monson and Larson Group will be by your side to help at any stage of the home buying or selling process. Give us a call today.