We’re all wondering the same thing, what will the market be like in 2014? Well, it’s a little tricky making assumptions in a volatile housing market. That being said, here is what we believe the housing market will look like in the coming year.
Home Sales Will Surge
After flat lining in the economic downturn that began just around 2008, housing markets in Central Oregon have shown immense signs of recovery. Those in the market to buy and sell may find the coming year presents an ideal opportunity to do just that.
According to the real estate listing website, Zillow, home values rose 22.4 percent in Bend and 22.7 percent in Redmond over the past year. Zillow forecasts a 5.6 to 5.7 percent increase in home values across the region over the course of 2014.
Buyers will need to be prepared to purchase inventory right away, while sellers will need to price their homes right for the best chance of sale.
Many housing pundits are calling for home sales to do slightly better in 2014 than they did in 2013. To the contrary, we strongly believe that home sales will skyrocket with increases of 8 – 10% in 2014.
Supply and Demand Will Struggle To Stay In A Close Vicinity
With a dramatic increase in demand, it will be up to the Real Estate Professionals and builders to ensure there is the necessary inventory to satisfy the growing demand. This will be a challenge for most of the year.
Interest Rates Will Increase Significantly
Most experts are calling for an increase in mortgage interest rates in 2014. However, we believe the increase will be more dramatic than is being projected. We believe rates will be closer to 6% than 5% by the year’s end.
Consumers Will Demand More from Real Estate Professionals
Home search will become a given to the real estate consumer in 2014. In order to differentiate themselves from any other agents, real estate professionals will need to bring strong, meaningful content to the table in all their offerings.
Go Mobile or Go Home
Any content strategy the industry contemplates must have a mobile component. All information will be accessed 24/7 in every conceivable environment. The professionals who understand and act on this will dominate in 2014.
Check us out at www.BendOregonRealEstate.com