What can we expect in 2015 in the real estate industry? It is just early January and predictions are difficult as we never know what can happen. Who could have anticipated September 11th and the effect that would have on the economy including real estate? Who would have thought that our latest recession would have lasted so long?
Out with the bad news though and let's move toward some good news. The economy is certainly showing some good signs. The stock market is at its highest level. There is even talk that this year it could show another 5 to 6 per cent gain. Jobs are up and unemployment is down. Focus must continue on the millenniums if we expect a real rebound in housing. They are our future. They must leave their parent's basements and their apartments and secure good income jobs. Only then will they be candidates for single family homes. Many of the jobs are still going to the over 50 group. Baby boomers are still holding onto their jobs as the recession hit them hard. Take a look at Congress and the leadership there. So many politicians are over 55 and many corporations are still led by boomers!
The Feds have held the interest rates steady so refinancing and new home purchasing is still a wonderful idea. Expect a rise mid-year. Interest rates that have been at 4 per cent and under could easily be at 5 per cent. If you are thinking of selling now is a good time to beat your competition and get your home on the market. Buyers will be out early this Spring in anticipation of interest rates edging up. Some top "hot housing" markets according to Realtor.com would be Dallas, Houston, Los Angeles, Phoenix, San Jose and Atlanta. We all know though that a home that shows well and is priced competitively will sell!
Winter is upon us whether you live in San Diego or New York City. We are gaining daylight hours so let's remain upbeat. Keep your home warm and your lights on for buyers viewing your home. Be realistic if you are a buyer. Look within your budget and work with a professional lender to get qualified first. If you are putting off a sale or purchase consider what I have addressed earlier. Time can cost you money. Winter is the best time to clean closets, paint, get organized, meet with a stager if necessary and make some improvements. If you are a buyer it is a great time to meet the lender, interview the realtor and begin your home search.