What Will 2014 Bring For the Housing Market?
The end of the year inevitably brings predictions for the next, and that has already begun for the housing market. Trulia put out its set of predictions on Wednesday morning and here are a few:
- Buying a home will become more expensive in 2014. This prediction is not based on the idea that prices will continue to skyrocket, but on the thinking that rents and incomes will not rise as fast as housing prices. Rising interest rates will also be a factor.
- More inventory will lead to a “less frenzied” home buying atmosphere. The combination of new construction product and more homeowners deciding to sell because of rising prices will make for more choices i.e. an easier home buying market next year.
- 2014 will be the year of the repeat buyer. As investors back away due to rising prices and the burden of saving for a down payment deters first-timers, repeat buyers will fill the gap. “They’re less discouraged by rising prices than either investors or first-time buyers because the home they already own has also risen in value,” Trulia economist Jed Kolko wrote. “Also, the down payment is less of a challenge for repeat buyers if they have equity in their current home.”
Trulia also released its list of ten housing market to watch in 2014, those with “recent job growth and longer-term economic success, as well as recent construction activity typical of vibrant markets.” The Bethesda-Rockville-Frederick area was the one local jurisdiction to make the list. We have reached out to Kolko for more insight into this interesting inclusion.
See other articles related to: dc housing prices, dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/what_will_2014_bring_for_the_housing_market/7917.
Most Popular... This Week • Last 30 Days • Ever
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
Construction continues humming along on several developments on the uppermost stretch... read »
Today, we take a closer look at home insurance.... read »
Unlike other new residential developments in the city, all of the apartments will be ... read »
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
- A Look at What is Covered By Home Insurance
- 8-Unit Project + Restaurant Proposed Along Georgetown Canal
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro