Our blog readers know how closely we've been following the housing market since the recession ended. Would it rebound as quickly as we hoped it would? Would prices ever reach acceptable levels again? How would both the personal and commercial real estate markets change in the New Year?
We've not only asked these questions of ourselves but of our readers as well. They haven't been easy questions to ask, nor have they been any easier to answer. Until now that is.
With real estate experts weighing in from every state, a general consensus about 2013 has finally been reached; and in some states, 2013 will bring better news than others.
As consumer confidence continues to grow so too will confidence in real estate transactions. Homebuyers should expect a competitive market in 2013 as more and more families decide to enter back into the market; and with so few properties left on the market, some experts say this could create bidding wars not seen since before the recession.
With mortgage rates expected to stay as low as four percent until at least the end of 2013, homebuyers will be eager to snatch up loans before interest rates begin to rise again. Experts warn real estate agents not to take this as a sign that homebuyers will over spend though and suggest that agents plan to price properties accordingly.
Although Michigan's commercial real estate market is expected to boom in 2013 with more office and manufacturing space needed for expanding businesses, states like Florida may not be as lucky as low demand for construction could indicate a real estate market growing slower than expected.
Source: Fox Business News, "Housing Market in 2013: What to Expect," Kathryn Buschman Vasel, Jan 17, 2013