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February 5th, 2014 8:49 AM

The 2014 forecast in real estate, according to the National Association of Realtors Chief Economist, can be a challenge of affordability if home prices continue to rise as well as interest rates.

The market in 2013 provided an influx of buyers which helped to strengthen housing appreciation, which in turn led to greatly improved consumer confidence.  The result was the best year for real estate purchases since 2007. 

Even if sales volume in 2014 is slightly smaller, the continued growth in the economy has stayed on track.  The resulting addition of more than 2 million jobs each year should provide a boost to housing markets.  On the commercial side, rising rent growth and declining vacancy rates are giving positive results for the office, industrial, retail and multifamily investment owners. 

It is expected that lenders could also help promote stable markets as they open up to more purchase-money mortgage loans since the refinancing of mortgages is slowing down.   

Overall, the expected inventory of homes for sale could heat up, with better prices for homeowners, but the number of buyers could possibly cool down, due to these rising prices and rising interest rates.  There are still many good bargains to be had, and 2014 could be the year to grab them!

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Posted by Barbara Doeringer on February 5th, 2014 8:49 AMPost a Comment

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