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housing-expectations-2015
While 2014 was a decent year in Real Estate, 2015 is expected to show renewed vigor behind a strengthening economy, solid job gains and a healthy increase in home prices, according to National Association of Realtors®Chief Economist Lawrence Yun in a newly-released video on his 2015 housing market expectations.
- Home Prices are expected to rise about5%.
- Existing-home sales are forecasted to rise about 7 percent.
- New Home Sales coud rise 30%-40%.
- GDP growth expected to be between3%-4%.
- Job creation is reaching +2.5 Million on 12 months basis where is used to be in recent years around 1 Million on 12 month basis.
- Wages may start showing increases in the second half of 2015 invreasing the purchasing power of potential buyers.
“Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a downpayment towards their next home purchase,” says Yun. “Furthermore, first-time buyers are expected to slowly return as the economy improves and new mortgage products are made available in the marketplace with low downpayments and private mortgage insurance.”
Here in Bergen County NJ the expectations is that towns such as Tenafly, Demarest, Closter will see a very strong market place