With 2013 finally hear, our real estate market is buzzing. No, scratch that – not buzzing…screaming! I haven’t been this busy this early in January in many years. Where will the market go? Here are my predictions!
- Mortgage rates will remain low, but will start to edge up in the 4th quarter
- Renters will continue to realize that they can own a home for less than their current monthly rent payments, and will look to purchase a home
- We will continue to see multiple offers on newly listed and well-priced single family homes, as more buyers “move-up” from smaller properties
- In Chicago, new condo developments will be popular again (if you can find them)
- The practice of keeping your home as investment, while purchasing a new one, will continue to be popular (especially with refinances that can keep that investment cash-positive)
- A greater number of homeowners who rented out their homes during the downturn will finally look to sell these properties, citing improved market conditions
- Home prices and home sales, nationally, will continue to show gains; in Chicago, single family homes and multi-units will rise faster than condos.
- The mortgage interest deduction will remain
- Foreclosure and short sale properties will remain near their current levels in Chicago