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The Best of Bellingham By Shannon Neufeld

2015 Real Estate Predictions

Economist are predicting significant changes in the Real Estate market during 2015. The continued growth in the economy is expected to have a significant impact on interest rates, housing inventories, the number of able and ready buyers, and housing prices.

  • Median Sold Prices—Home prices will continue to increase nationally and we are expecting a 7% increase in Washington State. According to recently published data home prices have increased (on a year over year basis) for the previous 27 consecutive months. Millennials are ready to buy and this demand will push prices up even further as demand for homes increases. (sources: Denise Lones - 2015 Predictions, December 2014; Builder - "Are MultFamily Millennials Bound for Home Ownership" October 2, 2014)
  • Inventory —An Improved job market and general economic stability is also expected to lead to an increased inventory of homes for sale as consumers permit themselves to dream about upsizing, downsizing, or changing neighborhoods. Because of the increased number of homes on the market we expect fewer bidding wars on homes and slower markets (nevertheless the right priced home will always sell faster). Economists are predicting a balanced market that will bring increased numbers of homes on the market while the number of buyers also increases. For the first time in a long while we are anticipating that new construction starts will start feeding the market with more homes as well. (source: NAR, May 15, 2014)
  • Interest Rates—Although we just saw interest rates drop to 3.5% again this month, the improving economy, marked by increased consumer confidence and spending , is predicted to bring an uptick in interest rates in 2015. The Federal Reserve has indicated as much and we expect 30 year fixed rate mortgages to reach 5% by the end of the year. Congress is also expected to work on systems that make credit more available to consumers in 2015. Confidence in the economy and low interest rates has more than 68% of the American public believing that now is an excellent time to buy a home. (source: NAR, May 15, 2014)
  • Housing Sales - Home sales are expected to reach their highest volume in the past two years.  (source: Fannie Mae, National Housing Survey Monthly Indicators, August 2014)

**for a more comprehensive report, email  Shannon@MuljatGroup.com

 

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Homes in Bellingham WA said:

Hello I have read your article and I learn very great and new advices for our real estate business . Thanks for this and if I have any another query can I ask you?

July 18, 2017 7:44 PM

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