The housing market continued to make steady, if slow gains, during the first half of 2013. Sales of new homes are up 38% since last year, and hit a five-year high in June. Sales of previously owned homes are 15% higher than last year as well. So what does the second half of 2013 hold for the housing market?
As a whole, growth in the market is expected to increase moderately, a total of 2.1% growth in 2013 compared to 1.7% growth in 2012, according to Fannie Mae Chief Economist Doug Duncan. Home prices have been estimated to increase between 6-12% in the second half of the year.
Inventory is expected to increase during the second half of 2012, which is especially good news considering it hit a 12-year low earlier this year. While there were 7% less homes for sales in June 2013 than in June 2012, inventory grew 4% between May to June of this year. Inventory growth on a year-to-year basis may begin to increase this fall.
Mortgage rates are expected to continue to increase, albeit at a slower pace. Despite the rising rates, buying is still currently less expensive than renting. This pattern is expected to hold for the near future.
Foreclosures are on the decline nationwide, and are expected to continue to decrease. Foreclosure filings in the first half of 2013 were down 19% from the second half of 2012. However, some states are still seeing increases, including Maryland, due to the fact that lenders are just now getting to foreclosures that had been delayed by judicial process.
If you’re looking to sell a home, your answer is Grays Home Solutions. We cover it all, no matter where you are in the home buying or selling process. We’re professionals with the experience to aid you in navigating this difficult home market.
If you have a house that is in need of repairs and that you wish to sell, don’t hesitate to contact Grays Home Solutions. Use our fast response form and we’ll reply to you as quickly as possible.
We also have a sellers referral program! All you have to do is send us the telephone number and property address for every For Sale By Owner or vacant house you can find. Or if you know someone who has a house for sale, send us their information. If we buy the house we’ll pay you $250 just for providing the lead!
To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!
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