by Dan Jensen
2013 real estate activity experienced a ray of warm sunshine throughout the first 3 quarters of 2013, with interest rates remaining low and home prices beginning to firm up just enough to make it possible for more homeowners to bring their houses to the market place. Although home prices grew as a rule, the rate of increase was spotty across the country, with areas not originally hit so hard seeing stronger "recovery" in prices, while badly slammed areas, with so much further to climb, not recovering with nearly the same speed.
In the final quarter of the year, both price increases and closed sales began to slow. The approach of new health care requirements, some not-so-hot economic numbers in key arenas, and the annual focus on holiday planning and activities all played a part. Nervousness revisited the market, with prospective buyers taking their time decided IF they were going to buy a home, and becoming picky about which home they would settle for.
Interest rates were beginning to inch up in the final quarter of the year as well which always has an impact on buyers' ability to qualify for the houses they really want to own.
It will be interesting to see how early 2014 begins to unfold in housing markets across the country. We started 2013 with strength, and we're hoping, for the sake of the overall US economy, that we will see the same strength show up early this year!
Have a great first weekend of 2014!
Your Equity NW Properties Team
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