Even though it is still February and Mother Nature seems to continuously be dumping snow on us, winter will not last forever. As we look forward to emerging from our homes this spring, there are exciting signs that Baltimore’s housing market will be heating up this spring and through 2014!
Baltimore Metro Area - 10 Hottest Housing Markets for 2014
A forecasted median home price gain of 8% through September 2014 (following a 5% increase in the past 12 months) should be exciting news for homeowners who have weathered the storm over the past couple years. This may also help those who have been on the fence about buying to finally have the confidence that the time is right for them. This ranking from CNN Money was compiled by CoreLogic Case-Shiller using forecasting data for the major metro areas.
Economic Factors - 2014 Time to Buy
Along with an expected increase in local home values for 2014, economic factors are continually being reported that support the thinking that the economy is returning to normal and point towards a solid 2014. Industrial production is up and homebuilder confidence is at an eight-year high. Forbes Investment also notes that while mortgage rates are still at historic lows, a slight uptick last summer has created a pent up demand in buyers that will add to the buyer pool this spring and result in positive market activity.
What all this means is that as spring approaches, 2014 is showing signs that residents will be able to move away from any previous fears they had regarding being trapped by their homes. Increased home values and a solid housing market will enable residents to have more flexibility again. Many homeowners will find that they are beginning to have equity in their homes again as values increase.
Homeowner equity will enable those who have outgrown their homes to sell and use the proceeds towards their next home. It will also provide options for those who would like to put their home equity to work for them, to upgrade their home, lower their monthly payment by getting mortgage insurance removed, or invest it elsewhere. And for those residents that are sick and tired of renting and want their own place, increased stability in the housing market and upward value trends will finally allow them to take the necessary steps to purchase their own homes with confidence.
If you found this article useful, be sure to check out these related articles:
The Imaginary Mortgage: Fake It 'Til You Make It
Let There Be Light...at the End of the Tunnel
5 Inexpensive Ways to Improve the Look of Your Home