Housing Market in 2013: What to Expect

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When the housing market imploded in 2007 and took the economy with it, experts said the real estate market would never look the same again. Now, nearly six years after the crash, the dust has finally cleared and we have a true picture of the new housing landscape.

While investors may still be leery of hopping back into the market, housing starts, prices and confidence are on an upward trend and the tide may be turning this year to favor homesellers.

Homebuyers can expect a more competitive market in 2013, and should start the mortgage lending process at least three months before they plan to start seriously looking because experts expect the process to take several months under new lending standards. House hunters should be ready to deal right away as inventory is expected to remain at low levels throughout the year.

Homesellers are shifting into the driver’s seat with experts expecting bidding wars to break out in certain markets due to the low inventory. While homes will sell quicker this year, they still have to be priced right.

“The mobility rate has been at a very low rate, meaning that people really did not move during the recessionary years, so there is pent up demand — but sellers need to price correctly,” says Lawrence Yun, chief economist at the National Association of Realtors.

Here’s a rundown of what experts expect from the market:

 

Housing Market in 2013: What to Expect was last modified: February 4th, 2013 by Dawn Dunlap

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