Today I wanted to talk to you about what 2013 brought us and what you can expect in 2014. 2013 was a great year for sellers with home prices going up 20% on average. Buyers also enjoyed 2013’s low interest rates. If you bought a home this year, you’re probably happy with the equity gains thus far. As the year comes to a close, the market has slowed a bit from July to the present. Also over the past three weeks, the market is beginning to level off around the 100 mark. This is giving us a healthy balance for both buyers and sellers and we are trending back to normal.
If we look at the contract ratio, it’s sitting at 37%. This means for every two homes that are on the market, one home is under contract which is very healthy this time of year. Because the market is leveling off, we’re optimistic that market will return and begin to appreciate again in 2014 at a rate of 3-5%. There are many variables that could change things, but the trend is showing we are headed for a great 2014.
It’s still a great time to buy and sell and be sure to lock in your interest rate while they are still below 5%. Call me if you want to discuss the market at (480) 596-2900. Thanks and enjoy the holidays!
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