No one knows for certain. However, the trends seem to be tracking in a good direction. The overall economy had some growth in 2013, which helped raise the overall housing market out of the doldrums. What can we expect for next year? Well, for one thing, in the past as the economy grew, interest rates tended to follow. In fact, we have already seen a slow, but steady rise in the interest rates in recent months. I’m expecting that trend to continue into 2014, not to any great degree, perhaps into the 5.5% range for a typical 30 year fixed rate, which is still a very attractive and affordable rate for most buyers. As far as home prices, I feel that our market will continue to experience a slow, but steady increase in home prices, perhaps in the 3% to 5% range. So if you have been thinking of buying, best to make the move now as prices are expected to rise. If your thinking of selling, certainly a rising market can generally represent a better opportunity for you sell. In any event, all my best wishes for a healthy, happy and prosperous New Year to all of you and your loved ones.
