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Welcome to my video blog! The real estate market made a big comeback in 2013, and the best news I'll be sharing with you today is that we expect the good times to keep coming in 2014! With that said, let's take a look at the numbers and see how they'll change throughout this year:
Welcome to my video blog! The real estate market made a big comeback in 2013, and the best news I'll be sharing with you today is that we expect the good times to keep coming in 2014! With that said, let's take a look at the numbers and see how they'll change throughout this year:
In 2013 we saw a rise of 9.7% in price appreciation. Will it be the same for 2014? While I don’t have a crystal ball, I predict about a 7.5% increase for this year.
With that information, a lot of people want to know if it’s better to sell now or wait until your home is worth more. Well, let’s look at an example:
Let’s say the home you live in right now is worth $200,000. With a price appreciation of 7.5%, your home’s worth increases a whole $15,000 in just one year. $215,000 by 2015; sounds great, right? Remember though that a benefit for the seller is likely a loss for the buyer. So if you’re selling your home and buying another in the same market you’ll be affected by those price appreciations on both sides.
What about interest rates? Our market was propped up by some record breaking low rates this year, but I’m sure we’ve all heard about their steady increase. Right now rates are at 4.5%, but expect that percentage to increase steadily over the year. I predict that by 2015 we’ll be around 5.5%. It may seem small, but that 1% increase affects you greatly throughout the life of your loan. For example: a newly purchased house at $400,000 would incur an additional $85,000 of interest if purchased at 5.5% interest as opposed to 4.5%.
The numbers point to one conclusion: Now is the time to sell your home! If you’d like to get the ball rolling, give me a call at 913-302-5511 or email me at sold@soldbylyon.com.
Thanks for joining me today, I hope to hear from you soon!
