Review and Outlook

Posted By on May 31, 2013 | 0 comments


I was cleaning out the Drafts folder in the Blog and realized this blog was never posted….

Last January I posted Housing Market Outlook for 2012.  How accurate was I on my assessment of the 2012 Housing Market?

  1. Mortgage rates are still a historic lows.
  2. Unemployment rate is at about 7.5%, which is slightly better than this time last year.
  3. The amount of Foreclosures in the past year, was the lowest amount since 2008
  4. New home builds held steady for us during 2012.
  5. We did see an increase in prospects especially towards the end of the year.

I think my 2012 Outlook was pretty accurate.  Now lets see how I do with the 2013 Outlook

Unemployment and foreclosure rates continue to drop.  They are still high, but the improvement is there.  The appraisal process is still a bit rough; however, as foreclosures are sold out of the market the comparables are getting better.  The election is behind us.

All of these points add up to a decent outlook for 2013.  Unlike in 2012, when I thought we would hold steady, in 2013 I believe we will see an increase in new home builds.  People want to take advantage of the low mortgage rates and are going to be financially comfortable making a commitment to a mortgage.

Here’s what the experts are forecasting for 2013:

A New Housing Boom by CNN Money

Housing Market in 2013: What to Expect by Fox Business

5 Things Consumers Should Expect From the Housing Market in 2013 by Forbes

Housing Outlood 2013: Home Prices Get a Lift by Kiplinger

In the long run, it doesn’t matter what I think, or what experts think, it matters what potential new home buyers think… What are your thoughts?

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