As we wind down 2014 and gear up for 2015 here are some bold predictions for the upcoming year.
Expect the home purchase market to strenghten along with the economy in 2015.
Mortgage rates will likely be on the rise and Freddie Mac projects mortgage rates to average 4.6 percent and inch up to 5% by years end.
Expectations are that home prices will have risen close to 5% this year and including the 10% rise in 2013, that is 15% for the past 2 years. Nationwide home values are expected to slow down to roughly 3-4% according to some national indicators.
Homebuilding is expeted to continue its momentum into 2015 with a rise in new construction of 20% from 2014. This will likely help total home sales to climb by about 5%, reaching the best sales pace in eight years.
This information was derived from a recent article published by Freddie Mac.
Warmest Regards,
Kevin Aizenshtat
Realtor