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Bev West, Real Estate Pro in 80634

What do you think 2014 brings for Real Estate?

Asked by Bev West, 80634 Fri Mar 21, 2014

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9
If we ever see Spring this year in the Chicago area, the market should begin to pick up with more inventory and with more homes going under contract. It would be really nice to see sixty degrees after the harsh winter that we have experienced here!
0 votes Thank Flag Link Mon Mar 24, 2014
I think as interest rates keep increasing we will see a push in the Summer to buy. New construction has been really hot this year (more so for me than last year).
0 votes Thank Flag Link Sun Mar 23, 2014
The delays in foreclosure process are "over" in States like Florida where there is still a very large number of mortgage defaults. In my opinion, we will see more REO in the State of Florida in 2014 compared to 2013's inventory. A great number of financial institutions are following Fannie Mae's initiative to offer an opportunity to first time/owner occupant buyers and will list their assets for fair market value in many instances making necessary repairs to bring to financing condition. This approach will bring a fresh inventory in 2014 and more opportunities to owner occupant buyers while investors will struggle to find "damaged REO" at a fraction of fair value.
0 votes Thank Flag Link Sun Mar 23, 2014
In beginning of 2014 , Sellers will over price their properties and slow down the selling. It will last about half year and then price will get back to real market value.

Then the new constructions will come out and the price will keep flat or even a little bit lower for the second half year of 2014. Also many foreclosures occupied by owners may come to market around July.

Interest rates is not likely to increase too much because the market activities are largely cash buy.
0 votes Thank Flag Link Sun Mar 23, 2014
Increased new construction
Increased buyer interest
increased sales
decreased inventory
increasing prices
increasing interest rates
increasing construction costs
increasing land sales
decreasing numbers of foreclosures
increasing insurance rates

respectfully,

Bill
0 votes Thank Flag Link Sun Mar 23, 2014
Hi Bev,

hopefully increase in home sales volume and property value with lower interest rates.
0 votes Thank Flag Link Sat Mar 22, 2014
Increased localization of meaningful market conditions. In other words, "national" market statistics will be less and less relevant to consumers and real estate professionals alike for many years to come. This will lead to intense frustration and overreaction on the part of federal regulators and financial institutions as they try to manage housing markets on a macro scale. But most agents realized this was already going on years ago...
0 votes Thank Flag Link Sat Mar 22, 2014
I believe the market will continue to grow, but not as fast as it had ten years ago. Interest rates will likely increase in the next twelve months, as the Federal Reserve made some recent announcements. However, I am seeing a lack of interests in homeownership from younger buyers. I don't blame them; after all, they witnessed many families loss their homes and are still fearful. It's up to hard-working agents and mortgage lenders to explain and show the benefits of homeownership in the long-run.
0 votes Thank Flag Link Sat Mar 22, 2014
I think 2014 is and will be a great year for Real Estate.I believe it will bring some market stability,new home loan programs, increase in new builds, and maybe a slight increase in interest rates.
0 votes Thank Flag Link Fri Mar 21, 2014
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