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?
- Mortgage rates are still a historic lows.
- Unemployment rate is at about 7.5%, which is slightly better than this time last year.
- The amount of Foreclosures in the past year, was the lowest amount since 2008
- New home builds held steady for us during 2012.
- 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
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?