Hope everyone had a wonderful holiday and enjoyed some time off with family and friends! On this Monday of our first full work week of 2015 ( I know its tough), let's look on the bright side and discuss the expected progress of the 2015 Real Estate Market!
Expect the home-purchase market to strengthen along with the economy in 2015, according to Freddie Mac's U.S. Economic and Housing Outlook. According to the KCM Blog, discussing Freddie Mac's recent US Economic and Housing Market Outlook, the US home sales in 2015 will show increase to the numbers associated with a normal real estate market. Their projection states: " We are projecting a 4% rise in sales to 5.6 million, which would mark the highest level of annual sales since 2007." Likewise, both the National Association of Realtors and the Mortgage Bankers Association agreed with the prediction. Bring it on!!
Homebuilding is expected to ramp up in the new year, projected to rise by 20 percent from last year. That will likely help total home sales to climb by about 5 percent, reaching the best sales pace in eight years.
Expect new homes to be smaller, greener, more energy efficient, and offer more casual living spaces.
With new construction in 2015, expect more open floor plans to satisfy a desire for gathering and connecting and these spaces transition easily for multi-purpose uses – integrating foyer, kitchen, dining and living functions.
Average price per square foot for Wilmington NC has increased 3.3% compared to the same period last year
Sales prices have appreciated 2.5% over the last 5 years in our area
As the real estate market improves, it is historically true that rates typically go up as well, so now may be a great time to buy