What Can Be Expected for The Real Estate Market in 2015?

Industry experts are predicting housing happiness in 2015, with the prospect of a stronger job market, continued low interest rates, and low fuel prices. This is a winning combination that will lead consumers to achieve affordable homeownership.

Industry leaders believe that home prices will continue to increase in 2015, albeit at a more appropriate and steady pace than we saw in 2013 and 2014.

2015 will hopefully be a good year for first time buyers, as well. For the first time in years, first time buyers are expected to make up over 40% of all sales. This is expected to make the greatest impact in small and medium-sized cities and their immediate suburbs.

Additionally, Baby Boomers are expected to make an impact in 2015 due to their sheer number. This is especially true in regions where boomers plan to purchase retirement homes – most notably the warmer southern states. As a result, we could see increased inventory of homes for sale as baby boomers decide to sell.

Mortgage rates are expected to head higher in 2015 – although admittedly we’ve predicted this for the past two years and it hasn’t happened! Although at this point, it’s almost inevitable. Experts believe that rates will hit 5% by the end of the year.