House buyer
Abbe Edelman is one of the many professional property appraisers who must be able to assess a property and value it based on the current market values for similar homes. The current trends are very important to their process of making an accurate property appraisal as it is important to determine what the home should sell for if it is put on the market. Many NJ appraisers are watching the latest market trends so that they can be aware of any changes that occur. When home prices go up as a whole, property appraisals much match the market movements or it can be disastrous for the market. When homes are over-valued or under-valued it is devastating for the market. The real estate market as a whole seems to be continuing in recovery which has everyone watching it closely. Here are some of the predictions as to how the market will act in the next year.
Current Trends in Housing Markets
Many areas report that they have seen increased traffic on web listings of available housing, especially since the first of the year. Some online brokerages report having as much as a 33% increase in the amount of shoppers looking for homes to purchase. The National Association of Realtors have reported that increased traffic in December, such as the market experienced, should likely indicate a very robust market in the coming weeks. The winter months are typically the slowest in terms of homebuyers who are pursuing a purchase; but the winter months are showing some very promising signs. Some analysts state that in some areas there are twice as many buyers as during this same time last year. With the increased number of individuals seeking to make a home purchase, many are predicting that the first portions of the year will be very good as far as the housing market is concerned. One reason for this is actually the rising costs of homes. Many who have been holding out realize with the interest rates still very low and home prices on the rise, they may miss a great opportunity if they do not act now. With the increased activity most feel that the recovery the housing market has been experiencing will continue to be the trend.
The Majority’s Predictions for 2013
Most of the housing economists are predicting that house prices will increase this year. Most agree that it will be only about a 3% increase but most of them also agree that prices are likely to rise from where they are now by nearly 25% in the next few years. There are a few economists which think that home prices will slightly decline in 2013. Last year saw home prices improve but many still believe that the housing market has not yet moved into a solid enough recovery mode.
What Might Be the Hold Up?
While this all sounds very good, there is one element that might be hindering the improvement of the real estate market. This is the fact that there are not as many homeowners putting their homes up for sale. Most markets indicate that the inventories of homes which are available for sale are generally down. This is because of the same reason many are pursuing the purchase of a home – prices are down. While this is great for the homebuyer, it is the opposite for those desiring to sell. They are not likely to get a fair price for their investment. As we move through 2013 it is expected that home prices will rise therefore many of those who wish to sell may be more comfortable putting their home on the market later this year.
