Ready or not, here comes 2013!
Where is the real estate market going in 2013? Well I’m really not much into predictions. Who can really say what the future brings? But there are some indications, barring we avoid a financial cliff that show we are on a definite upswing. Home prices are on the rise and are expected to continue to rise through 2013. This is good news for sellers who have experienced such a downfall since 2007. The mortgage interest rates are also anticipated to start ticking upward however they will still be low, just not as low as we have seen in the past two years. Buyers still need homes. First time Buyers, re-locations and those downsizing will be on the hunt. New construction homes are also on the rise giving future home owners choices. Currently home inventory is low in North Texas. This is expected to increase with the coming year. All however hinges on this fiscal cliff, the market does not like uncertainty. With added taxes there shall be less money flowing in within the public. That is never a good thing. Our politicians need to come together and figure out this mess. Some say they have been distracted however I believe that some of our elected officials want to go over the cliff. Why do you ask? Because that shall put them in a better negotiation position when the public feels the pinch and begin to complain. I just hope that our leaders have the wisdom and the forethought to consider the hardships on our citizens and move on a fair and equitable compromise. This is one thing I will not dare to predict. See you all down the road.