Real Estate Market Predictions 2013 – The Allen Real Estate Group

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The last year has illustrated a promising future for the real estate market nationwide as we continue to recover from the 2008 “Housing Bubble.” With mortgage rates reaching historical lows in the past year, the market was able to gain some new footing. What did we see in the Oklahoma City Real Estate Market 2012?
– Many first time buyers made the home ownership commitment due to enticingly low payments for a moderate home.
-With some citizens still struggling with improving their credit, the investment market has also been very active. The rental rate is typically much higher than the mortgage payment, making investing in rental property a profitable decision.
-CoreLogic reported that 1.3 million homeowners were lifted out of negative equity in the first 6 months of 2012.
-While the inventory is still decreasing, the Oklahoma City Metro market has remained a buyer’s market.

The speculations for next year’s market are mostly positive. What do economists and analysts have to say about our coming year?
-Modestly rising home prices, how high of a rise will depend on newly constructed home inventory. Appreciation around 3-5% on existing homes (Forbes).
-Steady mortgage rates similar to what we’ve seen due to the Federal Reserve’s efforts to stimulate the housing market (The Street).
-Visible recovery in home prices with a nationwide increase of 4.9% (Kiplinger).
-Little change for investor/landlords from the previous year, the boom from the last year is not expected to increase further (Forbes).
-Overall decrease in inventory of foreclosed homes (Kiplinger).

-Increasing home values in both existing and new construction markets transitioning from a winter’s buyers market to a spring seller’s market starting in February 2013.  Expecting record sales industry wide since 2005! (the Allen Group).

If you are considering buying or selling a home in the coming year, let The Allen Real Estate Group “Open Doors For You!”  We will be glad to give you our professional opinion on your market area and assess your personal goals to find the best home for you!

Best wishes for the New Year!

Anya Taschereau
Licensed Realtor
The Allen Real Estate Group

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