5 HOUSING MARKET PREDICTIONS: According to realtor, 1) more inventory; 2) fewer underwater mortgages; 3) higher mortgage rates; 4) fewer foreclosures; 5) home affordability gets worse. My predictions for the Needham, Newton, Wellesley market: 1) Continued Inventory Issues - there just isnt much on the market and there are plenty of buyers waiting. I dont see the balance shifting here any time soon. We are in a special area here with the great commute and great schools. 2) More Panic Buying - Needham just had a duplex condo on the edge of an industrial area sell in less than a week over asking with 5 offers. That type of buying will just get worse as the activity level goes up. If you are a buyer, you should be getting all your financial ducks in a row so you can compete. 3) Rising Home Values - like we saw last year, panic buying pushes up home values. I expect we will see more of that this year helping those that are already in a home and making it harder for first time home buyers. 4) More Lifestyle Moves - the quickly rising home values in our area is giving people more equity and opening up new possibilities. People may use that equity to buy a larger home, downsize and cash out, or possibly buy a vacation home. tinyurl/n5wbosh
Posted on: Thu, 23 Jan 2014 14:00:00 +0000
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