Fortunately for the economy and all of us, 2014 saw an era of growth. With over a half-decade behind us since the economic downturn, brighter financial futures seem to be ahead. So we can properly plan for the coming year, we have gathered information about what we can expect from the 2015 real estate market. Here are our real estate predictions for the coming year.
- Forecast For Home Sellers: With rates finishing out around 4.5 percent with the end of this year, we can expect to see home appreciation slow to around 3 percent in 2015. If you are planning to sell your home, waiting might yield slightly higher pricing towards the year’s end, but you will also see the market move from “very high” to “high” as far as levels of affordability are concerned which could weed out potential buyers.
- Forecast For Home Builders: If you are planning to build in the new year, you are not alone. Homebuilding is expected to increase by a forceful 20 percent in 2015. This increase should also boost home sales by 5 percent, which will bring us to our best sales pace in nearly a decade.
- Forecast For Home Buyers: Interest rates will likely rise in 2015, but not too significantly. We recently saw interest rates on some mortgages drop below 4 percent, but Freddie Mac economists project that we will see them make their way towards 5 percent before the end of the year.
Whether you plan on buying or selling your home in 2015, contact Brighton Escrow in Hermosa Beach today. Serving our Southern California clients, our team of experts is available for all of your escrow needs. Get the most competitive rates and best service in the industry by choosing Brighton Escrow.