2013…gone already? It certainly flew by! It was a great year in the Elk Grove real estate market, with our home prices climbing 27% year over year. Inventory was down to start the year, and then as homeowners realized they had more equity than they realized, inventory went up. We ended the year with still only 2.5 months of inventory on the market in the Elk Grove real estate market.
So what’s up for the 2014 real estate market in Elk Grove, CA?
Interest Rates will continue their march upward
Most experts are calling for an increase in mortgage interest rates in 2014. They have already started to increase hovering around 5% currently and no one seems sure of where they will go. My prediction is that we end 2014 close to 6%, making the beginning of the year a great time for buyers to purchase a home in the Elk Grove real estate market.
Home Prices will continue to increase
I don’t believe that we will see prices surge as they did in 2013 however I do believe we will still see modest increases in 2014. I think 2014 will be a year with solid, steady growth, which will be good for both buyers and sellers. I believe we will see prices increase by somewhere between 5% and 10% in Elk Grove in 2014.
2014 will be the year of the Move UP or Move DOWN buyer
With Elk Grove homeowners discovering they have more equity in their homes than they believed they have, they will decide that 2014 is the year to make the move that they have been wanting to make. I believe that we will see many, many more homeowners deciding that 2014 is the time to make this move. Either moving up or moving down requires coordination on the part of a great real estate agent and a great lender so that the homeowner does not have to make 2 moves in order to accomplish this. We are looking forward to helping Elk Grove homeowners achieve this dream in 2014!
It will also be the year of the Come Back buyer
We have come through the struggles of the Short Sale Market and many homeowners were saved from foreclosure by completing a short sale on their existing home. Now it’s been a couple of years and many of these homeowners have been able to rebuild their lives and their credit. We will see many of these homeowners come back into the real estate market in Elk Grove in the coming year! We look forward to helping these buyers purchase their next home also.
Use our quick and easy site to get an instant value for your home! For a more accurate value, or to talk about getting your home on the market, give us a call at 916-405-5737 today!