Many market analysts advise that if you didn’t buy real estate in 2013, you shouldn’t wait much longer or you may just be kicking yourself. Whether you’re interested in Rancho Mirage real estate or the luxury international real estate market, 2014 is most likely the year to buy. According to Standard & Poor’s/Case-Shiller 20-city home price index dated December 31, during the last 12 month period, on average, real estate prices in the housing market climbed more than 13.5 percent,
It makes sense that industry experts are advising buyers to make their move this year. Not only do 2013 numbers reflect the trend toward a seller’s market, market forecasts predict that this year will show gains for the real estate market again. While the fast pace of sales seems to slow down a bit in the fourth quarter, it doesn’t mean it’s time to slow down your house hunting activities and search for Rancho Mirage real estate, especially if you’re serious.
Several analysts forecasted that prices on homes will rise approximately five percent during 2014. We’re also starting to see mortgage rates rise, which may slow down the pace of sales a bit, though not entirely. On a 30-year mortgage, the rates are expected to rise to five percent by the end of 2014—they are currently at 4.5 percent. For most, that climb is not enough to outweigh the benefits of ownership, such as building equity and significant tax benefits, especially for first time buyers,
Whether you’re buying a first home, looking for a vacation home in a resort area or thinking about investing in luxury international real estate, if you want to get the most bang for your buck and be in the best possible situation to negotiate, start your search and get your financial horse in order now. It’s the perfect New Year’s resolution.
image: moneyintention.com
