Based on a variety of surveys, here are three trends in the housing market to look for this coming year:
1. Rising home prices. Five years after the housing market bottomed out, home prices started rising toward the end of 2012 in many markets, and seem on track to continue in that direction, with the National Association of Realtors (NAR) forecasting that home prices will rise 5-6% in the coming year.
2. More short sales. As of November 1st, the Federal Housing Finance Agency (FHFA) issued new rules on short sales, making short sales more accessible to both buyers and sellers. That’s not to say that short sales will become significantly easier, but they should be more plentiful in 2013.
3. Fewer foreclosures. As short sales rise this year, you can expect to see foreclosures, especially at bargain prices to fall. The FHFA and banks are selling off distressed home loans through other methods so you can expect to find less foreclosures flooding the market.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.