If you follow the real estate market, you likely will recall that last year saw a jump in home prices due to limited inventories causing buyers to compete over the few homes available for sale. Will that happen again this year?
Maybe so, according to the real estate experts at the Equifax Finance blog, in the recent article, “Real Estate Facts: A Look at the Spring 2014 Housing Market.”
According to the article, prices are predicted to rise on average between three and four percent nationwide (with higher increases in some areas and less in others). This is good news for sellers looking to get more money for the homes. It’s also not bad news for buyers, as homes will still be relatively affordable. However, inventories may be limited. Earlier this year, year-over-year inventory growth was basically at zero, according to the article. Limited inventories could force prices up, as buyers compete for the few homes on the market. Limited inventories may also mean shorter market time for homes. Last November, homes were on the market for an average of only 68 days according to a RE/MAX survey. Buyers need to be ready to move fast when they find the right home.
As the spring home buying season unfolds, some of the questions about this year’s market will start to be answered. Stay informed on market trends with the Equifax Finance blog. Read the full article and browse the many other real estate related articles on the site; while you’re there, also check out the articles on other personal finance topics like retirement, insurance, identity theft protection, saving money, taxes and credit.