— January 23, 2014 —
FOR SELLERS or OWNERS
- Price appreciation slowed in Q4 from substantial gains made in Q2 and Q3.
- Supply was limited. Homeowners did not move up or down as they discovered it was more expensive to move than anticipated.
- Appraisals were strong and many refinanced with favorable rates.
- Multiple offers continued among properties well positioned for sale – in terms of price and presentation of product.
- High demand especially for “fixers” and “new” or remodeled.
- Speculators with cash & favorable terms precluded many buyers from buying.
- Buyers (domestic & international) remain discerning and look closely for bargains, quality and location.
- Historically low interest rates were a critical component in driving the marketplace.
2014 TRENDS EXPECTED
- Speculators will be less prevalent providing an opening to buyers.
- Mortgages will get more complicated to obtain among the self-employed seeking jumbo loans, as more documentation is required. Longer turn-around times and lower affordability expected.
- Rates are expected to gradually rise, particularly after mid term elections.
- Central, urban locations will continue to be in high demand.