2013 Review / What’s in Store for 2014
2013 is coming to an end in mere days and as we take time to look back over the past year, reflect on its highs and lows and make resolutions for 2014; the entire team at the Gibson Group would like to take this moment to thank those of you who stood by us. It has been a year filled with emotions, change, loss and renewed vigor; 2013 also gave us an opportunity to grow and connect with former and new clients and friends.
Looking back at the year in real estate, they say “the market is up.” What does that mean exactly? It means banks are writing mortgages, median home prices are rising steadily (good news for sellers.) Quality inventory is still woefully low; however, foreclosures and short sales are on the decline, so sellers have the advantage in this market.
It’s not all bad news for buyers though, chances are you are getting a home that has been updated, maintained and is likely turnkey at a price representative of the market.
Single family vs. condo/townhouse listings are typical for South Florida, no surprises there with condos leading the sales and prices of single family homes averaging almost $350,000 in 2013. Active inventory shows properties ranging from prices of $204,000 to over $2.3 million.
Cash is still king, investors are still flipping properties, however looking at financing statistics in 2013 conventional loans are not far behind cash deals. There are still opportunities for families looking for their “dream home” to find it. Additionally, homes are selling for 97.35% of their list prices according to the Greater Fort Lauderdale Realtors website report compiled by First American MLS Solutions.
The big question is what does 2014 hold for real estate? How long will these trends last?
According to Forbes online, they report the following predictions in real estate for 2014:
1. More homes will be available
2. Mortgage rates will rise
3. Mortgages will be easier to get
4. Home prices will rise at least 3%
The NATIONAL ASSOCIATION OF REALTORS® predicts “the time this year ends, prices of existing homes will have risen 6 percent. Next year, prices are expected to rise an additional 5 percent or so and then another 5 percent in 2014.”
5. Fewer homeowners will be underwater
6. Affordability will decline
7. Ownership will decline
8. Americans will move
9. Foreclosures will fade
10. Home buying process less crazed
“All in all, more inventory, less competition from investors, and more mortgage credit should all make the buying process less frenzied than in 2013,” says Trulia
“Rosy not only has an extensive knowledge of today’s local market but she knows Broward County inside and out. She has a team in place from obtaining preapproval letters, to title and closing agents to home renovations and trusted contractors. Make the call, Rosy can help you!” William Ryan, home purchased in Davie, with Rosy’s expert and patience assistance after a 10 month search.
For all your real estate needs from buying to selling as well as property management, Gibson Group is the right choice.