Experts And Economists Predict A Good Year For Real Estate
As 2015 has begun, another year is behind us since the economic downturn that caused the Great Recession and the housing market crash. As the years have passed us by, the real estate market has become increasingly healthy and 2014 saw impressive growth in areas like the appreciation of home costs.
Fortunately, experts say that 2015 will be another fruitful year for the housing market. Here are the trends they expect to play out in the coming months:
- Increased Building Efforts: People have not been building homes anywhere near the levels we saw pre-2008, but 2015 could be the year that home building makes a comeback. Economists say that the building of homes should increase by 20 percent this year.
- Increased Affordability: Although home appreciation was good news for many who had been hoping to recoup the money they put into their home before the downturn, it made buying a home less and less affordable as it skyrocketed. Good news comes for homebuyers, who can expect to see home appreciation slow to around three percent this year.
- Increased Interest: Interest rates have been at historically low levels, and will continue to be below national average in 2015 although experts say they should climb by one percent towards 5 percent before the end of the year.
2015 will be a great year to get into a new home. Do not miss out on this opportunity. Make sure that your next real estate transaction is professionally and perfectly handled by securing a team of escrow experts to help with the closing process. To get the pros on your side, contact Eastland Escrows in Covina today. We are here to execute all of your Southern California escrow needs flawlessly.