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2013 Real Estate Trends

2013 Real Estate Trends

The number of first-time homebuyers in the 25 to 34-year-old age range could increase this year. According to CNN Money, the jobless rate among Millennials fell from 9.2 percent one year ago to 7.9 percent in November 2012, a positive sign that the economy is moving in the right direction. About 93 percent of Millennials who participated in Trulia’s American Dream Survey indicated their plans to purchase a home in the near future. Almost three-quarters of the group also shared that homeownership is still part of their American dream, reports Chicago Agent Magazine.

What are other big real estate predictions for 2013? CNN Money identifies four:

  • Asking prices on homes may go up this year, as many regions throughout the nation experienced a bottoming out of their local markets.
  • This year, experts may look to the job market as a better indicator of a healthy market. Throughout 2012, the increase of housing prices reflected progress over robust recovery in areas where home values had fallen sharply after the real estate bubble burst.
  • The mortgage delinquency rate is expected to fall to around 2 percent in 2013 from last quarter’s 5.41 percent.
  • Low mortgage-interest rates may stick into 2015 if the Federal Reserve maintains current rates until unemployment dips to 6.5 percent.