Real estate in this area tends to follow the flow of the seasons, heating up during the spring and summer, then cooling off through the fall and winter. In looking ahead to what may happen in real estate this year it appears that this could be a big year for a variety of reasons. If you are
thinking of doing something with real estate, this should be one of the best opportunities for buyers and sellers in several years. The reasons for my optimism, and that of most professionals in the real estate business, are as follows:
1. Interest rates continue to be at historically low rates, but all indicators are that they will begin to rise in the second half of the year and continue to do so for the foreseeable future. While the increases should not be large, any change will simply mean that it will be more expensive to buy
a property. Smart buyers are going to be looking to act this year, as soon as possible.
2. Sale prices should also climb over time as the demand increases. Currently the inventory of available properties is adequate, but if expectations of demand are right it will be a seller’s market.
3. As the economy has solidified lenders have been able to loosen some of the standards for qualifying buyers, making mortgages available for many people who recently may not have been eligible.
4. There is a sense that there is pent up interest on the part of both buyers and sellers who have not been able to do what they want to do in the past, for a variety of reasons. Many of those reasons are being resolved at both the personal and institutional levels.
All of these reasons point to a very good year for either buying or selling. The question is whether you will be ready to take advantage of the best opportunities. If you are able to act in 2015 you should be making plans and preparations now, with the assistance of your favorite local
Realtor, as well as other appropriate professionals.
Remember that real estate is quite variable, dependent upon location. Even within central Pennsylvania a few miles can make a big difference in the conditions of the market. General tends are nice to get a feel for what might be possible. However, whether you are buying or selling, only
a qualified local Realtor can help you determine exactly what is realistic for you to expect in your market and then plan accordingly.