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Wes Black, Real Estate Pro in Louisville, KY

What do realtors see ahead in 2014 housing market?

Asked by Wes Black, Louisville, KY Tue Sep 24, 2013

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2013 has been our best year yet, with that said, I look for 2014 to more than double our production to over one hundred units and to hire an additional 2 to 3 staff people. As far as the market, it will be difficult for the government and mortgage companies to allow the rates to go back into the 6 to 7 range, and we look at the rates going up slightly in the second quarter of 2014 to 5 to 5.5 percent only because Greenspan said they would. Rates are down again to the 4.0 mark or less so buyers and sellers should take advantage of the current market. Homes will move more in the winter months this year due to economy being better than it has been. Homes are starting to appreciate in value except in areas where heavy concentrations of foreclosures exist. This will probably not change noticeable till late 2014 early 2015. The Hogue Group will be a dominating factor in getting more homes on the market and sold for the foreseeable future.
1 vote Thank Flag Link Thu Oct 3, 2013
My data is showing value resistance in premier communities.
Precursors are appearing to suggest a cool off in 3rd and 4th quarter.

I do not expect sales volume to diminish.

But I expect buyers to become increasingly resistant to overcoming goofy bank appraisals. Sellers will need to have countermeasures to circumvent these big bank obstacles.

That the world I see in my slice of paradise in Palm Harbor, FL
0 votes Thank Flag Link Fri Aug 1, 2014
We need more inventory to sell!! : )


Michael Thacker
Realtor
Kentucky Select Properties
0 votes Thank Flag Link Fri Aug 1, 2014
Way back at the end of 2008, when the pundits were trying to figure out how far off the recovery would be, I was networking with a group of short sale specialists who were deep into the data on the housing market.

The biggest factor at play was the Alt-A mortgage problem. There were people with good credit and access to resources who were doing crazy reverse amortization mortgages and stuff at the time which might have been better equipped to hold out when they ran into a problem with their house.

Eventually, though, a lot of those people would get to a point where they just had to let the home go. This would extend the foreclosure issue longer than many at the time thought. My little group looked at that Alt-A foreclosure wave as the final kink that would have to be worked out and even then we pegged the full recovery to be in 2014. It looks like we were right.
0 votes Thank Flag Link Sat Nov 16, 2013
I believe its going to be a fantastic year. Just hopeful that we will see more inventory come online and that potential buyers don't get "spooked" by the higher interest rates.

When I first started in RE years ago (80's), it was not uncommon for the rate to be 13% or around there, so even now rates are incredible!! Still much less than historical and property is always a good place to put your money!! (my two cents anyway)

Have a great day everyone!

Michael Thacker
REALTOR
0 votes Thank Flag Link Wed Nov 13, 2013
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