The real estate market has shown steady recovery during 2013 and is expected to continue on the recovery road during 2014. Consumer hope is even creeping back up in a positive direction. Tulsa, OK is on the top 10 real estate market watch list by Trulia. A survey by Trulia actually shows 74% of Americans say homeownership is on their list of achievements. Therefore, we have a look at the 2014 real estate market predictions to share.
Rising home prices over the last two years have helped to boost the spirits of everyone wanting to live the American Dream of homeownership. However, the housing bust has left many people still scared over the effects of the recession. Mostly homeowners and buyers in heavily hit areas of the country. But all in all, the housing market is on the road to getting normal once again.
What to expect in the 2014 housing market:
Rise in home prices
Home buying will be a little more difficult for some buyers since home prices are still going up. However, growing home prices are expected to slow down a bit in 2014. Mortgage rates will also be higher in 2014 than they were in 2013 because of a stronger economy. This will make home buying harder in areas of the country that were hit really hard like Los Angeles, Orange County, Florida and New York.
Less home buyers
Many buyers will wish they had bought a home in 2012 or 2013 instead of waiting. Mortgage rates and home prices were still down enough for many buyers to get really good deals when buying a home. However, there will still be a great amount of new construction on the market to choose from. Buyers will also face less competition in 2014.
Investors always there
2013 was known as the year for investors, but 2014 the repeat home buyers expected to step up their game. Investors will be buying less since home prices are rising, so second and third time home buyers will be seen a lot in the 2014 real estate market.
Where home prices slow matters more
Home prices won’t rise as much in some areas of the country. Trulia released the latest price monitor showing home prices rose 12.1% nationally year-over-year and over 20% in the biggest 100 metro areas of the nation. If home prices are slowing for good reasons then that’s great for that area. Slowing home prices can be wonderful news for overvalued homes or unaffordable markets.
Renters may head back to urban apartments
During the recession, many renters rented investment homes, and there were plenty to choose from. Single family home rentals jumped up 32% during the recession over pre-recession years. Now that investors are expected to buy less homes, renters will turn to urban apartment areas to fill their needs.
Tulsa, OK is on the top 10 real estate market watch list from Trulia during 2014. The 10 markets on the list show strong job growth, a healthy economy, strong fundamentals and new construction activity.