close
Free Buyer Workshops
UrbanLand Company
on Instagram

Real Estate

2014 DC Real Estate Market Forecasts Released; “A Great Year To Be A Property Owner”


2014 DC Real Estate Market Forecasts Released; "A Great Year To Be A Property Owner"

The National Association of Realtors has released their thoughts on 2014’s upcoming Washington, D.C. residential real estate market, and projections continue to look strong.

The National Association of Realtors expects home prices and sales to continue rising next year in the DC Metro area, and with rising mortgage rates, housing affordability will continue to fall. The Washington-based association forecasts existing home prices to rise another 6 percent in 2014, compared to an 11 percent gain this year. It also expects long-term mortgage rates to reach 5.4 percent by the end of 2014.

The National Association of Realtors also sees continued tight inventory heading into next spring’s housing market and says new home construction and the inventory of resale properties needs to increase to alleviate the shortage of inventory for sale. The NAR projects that housing starts need to rise 50 percent to meet underlying pent up demand.

“We call this a great time to be a homeowner or property owner.  Economic conditions look great for those who own homes – there is a shortage of supply in the market for buyers, home prices (the value of your asset) are projected to continue rising, and mortgage rates will most likely remain at highly attractive levels,” said Gerard DiRuggiero, Principal Broker at UrbanLand Company.

All of these factors make late 2013 a great time to become a homeowner or real estate investor, if you’re still on the fence and undecided about buying.

“Just remember, a 6% increase in home prices is an educated guess that makes assumptions on the average home price in DC,” continued Gerard. “There are great pockets of value in certain Wards, neighborhoods and even from street to street, where you could see an even more rapid acceleration in relative home price as the ‘neighborhoods emerge.’ This includes hot spots like Anacostia, Deanwood, Brightwood, Congress Heights, etc.”.

UrbanLand Company offers regular Homebuyer Workshops for first time homebuyers as well as those seeking to learn more about real estate investing. For those of you who already own properties and have concerns about their home in today’s and future markets, we offer a series of Homeowner Workshops designed to make understanding key factors about your property’s value. These are all available via the UrbanLand Company Facebook page at http://Facebook.com/Urbanlandcompany.

 

SUPPORT LOCAL REAL ESTATE!
Business concept photos created by freepik - www.freepik.com