forbes.com
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| freerangestock.com |
Although numbers have been up and down much of this year, all signs still point to the fact that the real estate market remains on the road to recovery.
- Home prices will slowly increase: This may be caused in part by the foreclosure crisis coming to an end. Distressed properties only made up 11% of sales in June, down from 15% in June of 2013.
- Supply will increase: As home prices slowly rise, we can expect to see more homes on the market since higher home prices will mean less homeowners are underwater on their mortgages and are able to list their homes.
- Low mortgage rates continue: Mortgage rates hovered at about 4.13% in recent months and the Mortgage Bankers Association foresees rates rising to 4.7% by the end of the year, while Fannie Mae predicts rates will rise to just 4.3% for Q4. Even though these rates are predicted to be higher than rates of last year, they are still historically low.