The housing experts predict the 2013 housing market. It’s the perfect storm, low inventory, pent up demand, limited new construction and much more good news…
Dr. Stan Humphries, Zillow’s Chief Economist:
“In the coming months, the market will begin to normalize, and home value appreciation should moderate to more sustainable levels. Recent large, annual gains will bring more opportunistic sellers into the market, and new construction will also help to moderate the current imbalance in housing supply and demand currently helping to inflate home value appreciation rates,” said Zillow Chief Economist, Dr. Stan Humphries. “But sustained appreciation at these levels is concerning. In many markets, low mortgage rates – not necessarily low absolute home prices – are driving affordability. Once the Fed stops pushing borrowing costs down, we don’t want to wake up and realize home prices have again climbed too high relative to incomes or rents. We’ve seen that show before, and we know how it ends.”
Dave Lininger ReMax Founder Predicts Housing 2013:
Jed Kolko Chief Economist from Trulia:
Mr. Kolko summed the housing market up best ” What a difference a year makes…the market is now stronger than anyone had dared to hope for a year ago…”
2012 was the turning point for real estate. The job market is improving, credit is at an all time low 3.5%, new construction has been put on hold for the past few years and shadow inventory is being bought up in record numbers by Real Estate Investment Trusts. Putting all this together has created a window of opportunity for New Jersey home owners looking to downsize or upgrade in 2013. Make no mistake about it, 2013 is a great time to make a move.
Looking to Sell Your Home in 2013?
Find NJ House and Gerri Leventhal have put together all the local NJ housing statistics and data. Contact Gerri Leventhal for a complete 2013 Housing Report for New Jersey Real Estate.