You are here: Pruett Group » Buying, Real Estate Tips, Selling » 2013- What Lies Ahead

2013- What Lies Ahead

Have you been wondering what changes and developments in the 2013 housing market will mean for your home? If so, you’re not alone.

A series of  predictions published on December 10, 2012 by Frank Nothaft, Vice President and Chief Economist of Freddie Mac may provide some clarity.

I’ve outlined a few of his bullet points below which focus on five major housing features.

5 Freddie Mac Expectations For Your Home in 2013

 

  • Mortgage Rates – Freddie Mac expects to see rates below 4 percent throughout 2013, making purchasing your home easier for most buyers.
  • Home Values – Freddie Mac believes there will be an average increase in the value of your home between 2.5 and 3 percent over 2013, with some neighborhoods outperforming this estimate and others underperforming, creating a national average increase.
  • Growing Number of Households – Freddie Mac predicts that an additional 1.25 million households (net household formations) will be created in 2013, providing more demand for your home.
  • Decreased Vacancy – As new households are formed, more properties will be filled, allowing for a natural decline in the vacancy rate.
  • Less Refinancing for SFR – Though rates will continue to be low throughout 2013, Freddie Mac suggests that single family residences will be doing less of the refinancing while a substantial increase will be seen in multi-family lending, resulting from accelerated building of apartment and multi-family investment properties.

Check out this video below, and feel free to contact us if you’re interested in learning more about what to expect in your neighborhood.

 

 

 

Wishing you and yours a healthy and happy holiday season,

Marci Pruett

(858) 531-1119 or marci@pruettgroup.com

Comments are closed.