The real estate market did extraordinarily well in 2013 – it’s almost hard to believe all the progress that was made in just 12 short months! With the Villages of Urbana community becoming the home to many new families in 2013, we’re excited to see even more join our neighborhood in the next year.
So, what can future homeowners expect to see in the market in 2014?
Home prices may continue to rise, but would increase at a slower pace than we saw in 2013. Rising prices typically indicate improvements in the economy, so this is great news for all to hear. In 2014, homebuyers could buy a home they love in a booming economy, but without spending unreasonable amounts. It’s the best of both worlds!
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If home prices continue to rise, it could lower the rate of those with negative equity. This would have a positive impact on every aspect of the market while boosting consumer confidence. Having fewer underwater homeowners in the United State is another indicator of a better economy, which would impact mortgage rates, guiding homebuyers to make smarter financial decisions.
This is based on reports that big changes are in store for mortgage rates and the mortgage application process in the New Year. It’s possible the changes will help to create a more sustainable recovery – which means slower rises in home prices and mortgage rates. These may alter the process in which homeowners attain their mortgages, but will ultimately benefit the homebuyer and the economy as a whole.
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And finally, with homes selling at promising rates, new home construction could also continue to increase. New homes are set to pop up across the country to cater to the demands of homebuyers. And, like we mentioned in our last post, the Bethesda-Rockville-Frederick metro area, home to the Villages of Urbana community, is a promising and stable market for these new homes!
All in all, the housing market outlook remains positive for next year! Every improvement ripples into the next and continues the healthy recovery. And, with 2014 upon us, what better way to ring in the New Year than to move into a beautiful new home in Villages of Urbana? Our homes include everything a family looks for in a new space. With tons of homes in various styles and designs, and neighborhood amenities that making living here so conveniently easy, any family will find the right home that fits.
Happy New Year!
