I don’t have a working crystal ball, but I don’t see any statistical data or any eyebrow raising trend that would lead me to believe that prices for Tampa area real estate are not going to rise over the next year. In addition, we are heading into our busiest time of the year from now until about mid-August! The thing to keep your eye on is interest rates. If interest rates go up and home prices go up, home buyers will have less buying power. So, for now all looks good. If you are thinking of buying a new home, it’s a great time while prices and interest rates afford more buying power. As always, if you have any questions, please feel free to call me or text me at 813-777-5332 or email me at email@example.com. See me on the web at http://www.richardkemper.com
Realtors in Fla. expect prices to rise more than 5%
WASHINGTON – March 24, 2014 – According to the just-released National Association of Realtors®’ (NAR) Realtors Confidence Index, members expect home prices to continue to rise over the next 12 months, but they expect them to do so at a moderate pace given tight credit conditions and lower home affordability.
The Realtors Confidence Index is a monthly survey distributed to more than 50,000 real estate practitioners. It gauges their expectations about home sales, prices and market conditions. Overall, Realtors expect a median price increase of 3.9 percent over the next 12 months.
Florida is one of four states where practitioners predict the biggest increases – 5 to 7 percent – along with California, Alaska and Hawaii. Tight inventories have helped to lift home values in these areas, according to the survey.
“In states with booming economies like Washington, North Dakota, Texas, Michigan, and the D.C.-metro area, the expected price increase is about 3 to 5 percent,” according to the report.
Real estate professionals also expressed several concerns over the housing market holding back some buyers, particularly due to “unreasonably” tight credit conditions.
“Access to credit was often cited as a deterrent to home buying,” the report says. “About 13 percent of Realtors who did not close a sale in February reported having clients who could not obtain financing.” In those cases, about 6 percent of the professionals said their buyer gave up, while 7 percent said their buyer continued to seek new or other financing.
Other transaction hang-ups were lack of agreement on a price (11 percent); buyer losing a home to competition (10 percent); and appraisal issues (3 percent).
Source: Realtor Magazine Daily News
© 2014 Florida Realtors®