According to ”5 Housing Predictions for 2014" published on the real estate section of the MSN network: "National numbers can tell a story about the economy in general, but home prices, inventory and foreclosure activity depend on local market conditions."
Price gains are expected to slow while inventory will grow next year. A few factors in the real estate market will bring a balance between buyers and sellers: "While positive trends, such as increasing home values, are expected to continue into 2014, mortgage rates are also expected to rise in the coming year and could put a damper on homebuyers' abilities to afford new homes." Here are briefly the five predictions for the 2014 real estate market. Make sure you read the full article to get a better understanding of each of them:
- Housing inventory to rise back to seasonal levels
- More residential properties to return to a state of positive equity
- Rising mortgage rates
- Number of homes entering foreclosure process to decrease
- Housing affordability continues to decline