5 Housing Market Predictions You Need to Know

By Jed Kolko

Education & Training

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December 19, 2013 11:07 am

http://actvra.in/48pw

Now's the time of year when we begin to look forward to what's to come. So, what should you expect for next year's housing market? Here's how the 2014 housing market will be different from 2013. Lets take a look.
The housing market continued its uneven recovery in 2013 and will enter 2014 closer to normal than it was a year earlier. Consumer optimism is climbing back: in Trulia’s latest survey, 74% of Americans said that homeownership was part of achieving their personal American Dream – the highest level since January 2010. Even among young adults (18-34 year olds), many of whom struggled through the recession and are still living with their parents, 73% said homeownership was part of achieving their personal American Dream, up from 65% in August 2011. Rising prices over the past two years have been great news for homeowners, especially for those who had been underwater, and the real estate industry has benefited from both higher prices and more sales volume.
At the same time, the effects of the recession and housing bust still sting: the barriers to homeownership remain high, and a few markets – mostly in Florida – still have a foreclosure overhang. Plus, the housing recovery itself brings its own challenges, including declining affordability and localized bubble worries, especially in southern California.
Barring any economic crises, the housing market should continue to normalize throughout 2014, but change is on the horizon. Here are the five ways that the 2014 housing market will be different from 2013:

1. Housing Affordability Will Worsen
2. The Home-Buying Process Will Become Less Frenzied
3. Repeat Buyers Will Take Center Stage
4. How Much Prices Slow Will Matter Less Than Why and Where
5. Rental Action Will Swing Back Toward Urban Apartments 

Want to know the rest? Click here to download all of the 2014 housing predictions.
Plus, I recently gave a webinar explaining what these housing predictions may mean for your 2014 business. You can watch a replay of the webinar here.
I'd love to hear what you think and hear about any predictions you have for 2014. 

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2014 housing trends

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#43

Rainmaker
356,095

Jan Green

Your AZ Green REALTOR®

Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Great predictions.  I think these changes will be pretty much across the board.  Homeowners and buyers are taking a break right now, but they'll be back and we'll have a balanced market.

December 21, 2013 04:38 pm

#44

Rainmaker
1,155,806

Charles Stallions

800-309-3414 - Pace & Pensacola Short Sales and Foreclosures

Charles Stallions Real Estate Services

I will catch the video as I don't see much news here as far as overall market. A birdie told me that there is a 50% chance the market will increase and that interest rates will stay the same within 5% either way LOL

December 22, 2013 11:42 am

#45

Rainmaker
74,583

Andrew Payne Realtor® Richmond Virginia Homes For Sale~804-938-5257~

Richmond, VA, Real Estate, SRES®, NAR Green

Long & Foster Strawberry Street

Jed,
Thanks for sharing this information.  It's good to be aware of our respective markets and move forward!

December 22, 2013 07:04 pm

#46

Rainmaker
609,608

Sharon Parisi

Dallas Homes

Keller Williams Dallas Premier Realty

Jed, thanks for sharing this information with readers.  Dallas experienced an extremely strong sellers' market in 2013. As a Realtor, I am hoping for a more balanced market in 2014.

December 22, 2013 11:42 pm

#47

Rainer
2,975

Lori Kellett

Hi, I am from Southern California, I would be interested to know more about Southern California and the forcast for 2014. I am experienced as a mortgage professional we've all experienced the mortgage meltdown here in Southern California and most of us in the industry had gotten into short sales, modifications, harp 2 programs.  I've networked with Realtors in the industry and they said not enough inventory and most buyers are the "cash investors".  I've been reading about the market etc...stating young couples who make six figures, professional job, high fico's are able to buy homes here in Southern California..There is business here for the seasoned Mortgage Loan Originator for the die hards that never got out of the business and homeowners that are buying, its just that in this market, the average MLO thinks back in the "good old days" they were handed borrowers on a platter...and given deals without actually having to work and now they  need to prospect and find clients, network, use their expertise and experience, follow up and customer service. If they are patient, they will get deals. Its a differernt market now. 

December 23, 2013 01:50 pm

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