Real Estate Market Projections for 2013

The housing market has turned the corner and buyer demand has maintained its  momentum with the start of 2013!!  Historically the month of January is very slow however the market has not slowed down and is projected to continue to increase throughout the year!   Household formations shot up to boom-time levels in 2012 and are projected to increase at an even faster rate over the next twelve months.

Home Prices will also continue to Increase!  The pricing of any item is determined by supply and demand. Demand for housing will remain strong throughout 2013.

Move-Up Sellers Will Return in Great Numbers

Perhaps what many will find as the biggest surprise of 2013 will be the return of the ‘move-up’ seller. Over the last several years negative equity has prevented many of these sellers from moving up to the house of their dreams. However, with prices recovering, more and more of these sellers will realize that now may be their greatest opportunity to make the move to a lifestyle they always wanted.

Record low interest rates and the projected rise of home prices has pushed prospective buyers to make their home purchases sooner rather than later!! These two market conditions have contributed to the continued demand!