The outlook on the housing market is looking brighter in 2015. Realtor.com says prospects are good for homeowners and would-be home buyers due to job and income growth from an accelerating economic recovery.
Here are the top 5 housing market predictions for 2014 from Realtor.com
- Mortgage rates will head back up. Realtor.com’s Chief Economist say mortgage rates will increase before the Fed’s expected move to increase the federal funds rate in mid-2015.
- Millennials will set up house. 65% of first-time homebuyers are part of this older millennial group (ages 25-34), according to Realtor.com.
- Builders will break new ground, with a 21% growth in starts expected.
- Credit will continue to be a factor.
- We’ll close out the foreclosure crisis. There are already fewer foreclosures and short sales, and that will continue to improve.Source: Realtor.com
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