As the year draws to an end, 2015 housing predictions are already being calculated. Seems like we just started 2014 and here we are closing it up!!
Nonetheless, Realtor.com’s Top 5 Predictions are not all that shocking, but they are definitely good to know if you will be looking to buy or sell real estate in the upcoming year.
The entire article can be found at 2015 Housing Predictions if you would like to peruse what economic experts have to say in detail about the following list. But, for the shorter version…look no further.
The 2015 housing industry expected trends include:
1. Mortgage Rates Will Head Back Up
2. Millennials (ages 25-34) Will Set up House
3. Builders Will Break New Ground
4. Credit Will Continue to Be a Major Factor
5. We’ll Close Out the Foreclosure Crisis
Basically, mortgage rates can’t stay low forever, but good credit will be the determining factor of whether banks will loan someone money because of continued stringent mortgage qualifications.
This just means that if you are thinking about buying a home in the near future, you must tighten up your spending, pay bills on time and straighten up any credit issues you currently have.
Moreover, with more millennials buying homes, builders will have to add inventory to keep up with the housing demands. The home building industry will be interesting to watch in 2015, as their greatest issues include shortages in labor and materials.
The best news is that the U.S. economy continues to strengthen and that helps people find jobs to pay their mortgages and in effect puts a halt to the foreclosure crisis we have seen in the past several years.
Obviously, every market is different and if you would like to know more about the Austin area real estate market, please contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!
