Can you believe Christmas is just in 2 days? Where has this year gone? Hopefully you’ve completed all of your holiday shopping and are ready to enjoy the time with family and friends!
Today, I’m going to share with you our 4 predictions for the housing markets in Canton and Plymouth in 2014.
If you’re considering buying or selling property in Michigan in the New Year, you’ll definitely want to read today’s blog.
Canton and Plymouth Real Estate for Sale
Here are our top predictions for what the housing market is going to look like in the New Year in Canton and Plymouth:
Inventory will return to traditional seasonal levels. As you know, the national housing market inventory has swung widely, from being saturated with available homes for sale to having a serious shortage. In 2014, we predict that this will stabilize as home buyer demand and home seller inventory evens out.
More homeowners will get back positive equity on their home. It’s been a trying time for some home owners over the last few years as they have faced negative equity on their homes. But with rising prices having helped 2.5 million homeowners already who had underwater mortgages, we expect more home owners to get the equity back on their house. Nationally, experts predict that about 7.1 million homes still have negative equity but that should decrease in 2014.
Mortgage Rates will rise. It is believed that mortgage rates increased about 100 basis points during 2013 and are expected to rise even further in 2014. This is especially important news for buyers hoping to get a good deal on a home right now in Plymouth or Canton.
Foreclosure Activity will stall. The last several years have been dominated by foreclosures in many national markets, although Canton and Plymouth have fared decently in that department. Well in 2013, foreclosure activity is expected to continue to slow, with foreclosure sales expected to occupy only a small portion of the market. Nationally, foreclosure inventory had dropped to multi-year lows, down almost 33 percent since the end of 2012. The year 2014 is expected to be even better!
Buying and Selling Canton and Plymouth Michigan Real Estate
Ring in the New Year in a big way: By entering the local housing market in Canton or Plymouth as a home buyer or home seller!
We’re here to help – with expert advice and valuable resources that are easy-to-use and intuitive.
Contact us, The Bittinger Team, today to see how we can assist you!
Until next time,
Noel
Explore our website: www.Bittinger.com
LIKE us on Facebook at Living In Plymouth/Canton/Northville Michigan to stay abreast of the local real estate market and to celebrate these communities with us!
LIKE us on Facebook at Michigan Homes Coming Soon to learn about the hottest new listings … sometimes before they are even on the market!