Seattle based Zillow, an online real estate database known and respected in the industry for its housing precisions, has released its 2014 list of TOP 10 Hottest Home Markets For 2014. Our area is right in middle of the list!
The Seattle based group report; released on December 5, 2013, has South Florida in Fifth Place! Zillow reports, “The list is intended to give an early view into the housing markets that are likely to experience a heavy demand for homes, as well as increasing home values."
Four bold housing predictions by Zillow for 2014 include:
- U.S. Home values will increase by 3 percent.
- Mortgage rates will reach 5 percent by the end of the year.
- It will be easier for borrowers to get a mortgage in 2014.
- Homeownership rates will fall to their lowest point in nearly two decades.
Zillow is also noting that with declining inventory of for sale homes over the past year, naturally this creates pressure for buyers to move more quickly to buy what is available on the market. This has fueled resets in home prices according to Zillow Chief Economist Dr. Stan Humphries. He states, “Home buyers in today’s environment need to be prepared to move more quickly with pre-approvals in place and with a sense of what they are willing to pay for a home.
According the Zillow’s database, the Top 10 Fastest Moving Markets, with homes spending the fewest days listed are averaging less than 60-65 days total!