As the start of the Spring Real Estate Market begins on the heels of a banner 2013 housing recovery... we look to see what 2014 Spring Market will have in store for us.
Predictions from the experts have it as another healthy year for both buying & selling!
According to Forbes, new construction and rising prices will bring more homes, old & new to the market, hence increasing inventory levels. Buyers’ pent up demand will continue to fuel a sense of urgency and multiple bids will not be uncommon. This will be great news for buyers & sellers in the Darien marketplace, since the average number of homes listed in 2013 was down 6% from the previous year.
Home prices rose 5% nationally, with increases as much as 20% in certain markets in 2013. For example, in Darien the average sale price increased 6.48% from 2012. Zillow predicts that home prices will increase between 3-5% in 2014. The slow down in the price increase will be due, in part, to the increase in interest rates, which are predicted to hit 5% this year. While this will make homes more expensive to finance, the monthly payment on a $200,000 loan will rise by approximately $160.
Remember, in Real Estate, local markets perform differently than the national numbers. Prices, inventory & foreclosure activity are all LOCATION specific.
To learn more about your local Fairfield County market conditions, call:
Kelly Finn 203.895.0961
@ Al Filippone Associates/ William Raveis Real Estate
Experience. The Difference
