Sales, Trends, Projections for the Future
Questions about our future,
Do I purchase now, or wait? Price is always the first question for Sellers, Cost is the first for buyers, which includes insurance, taxes, POA’s and interest rates. Fannie Mae, Freddie Mac and the National Association of Realtors, PMI, and the Mortgage Bankers Association are all projecting the costs of these items will increase along with interest rates that will increase over the next several quarters so waiting until the price of a home bottom outs can wind up costing more over the life of the mortgage.
What about appreciation of home? Always look at your local market, a real estate agent can help you with the local market trends. Nationally, there are indications that values will begin to rise this year, as you probably already know, Austin is still a pretty” hot” market. Some housing industry experts are projecting housing prices to rise in a cumulative appreciation of more than 10% between now and 2015.
Buy instead of Rent? Fannie Mae National Housing Survey shows that 4 of the biggest reasons people buy homes have nothing to do with money. They want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over that space.
“Bottom line is that the cost of a home will probably remain relatively unchanged even if prices continue to depreciate. Do not allow money to be the only factor in making the decision that’s right for you??” REALTOR .org/realtormag
According to the National Association of Remodeling Industry, 56% of homeowners cite functionality as their larges concern when it comes to their home. This usually starts with good design, look for the missing details that you would like to have in a new home, storage, location of utility room and things like that. Multi-generational households oftentimes require design principles to include accessibility for everyone, think about how the space will be used. Do you entertain, do you use the outdoors, and do you have hobbies that require space? Some of the new trends for new homes, are smaller square footage but unique architectural features that make a home stand out. Classic features that grow with a house. Bigger details, making the most of any space will bring buyers.
Avalar Austin Real Estate