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New Renter
2012 Dec 31, 1:36pm
We can't wait forever, and rents will NEED to rise in most areas to keep up with the rising price of taxes, maintenance, etc. that are part and parcel with home ownership.
Rents may rise which may force renters to leave.
Dan8267
2012 Dec 31, 1:50pm
An arithmetic mistake in calculating the Mayan apocalypse is discovered. World ends on Jan 1, 2013 at 5:32 p.m. EST.
Goran_K
2013 Jan 1, 4:30am
Let's see; no first time homebuyers, no move-up buyers, MBA mortgage purchase application index at near 20 year low, 70% of sales are distressed, 50% of sales going to investors, FHA needs a $140 billion bailout...
I see housing going up 22% a year from now until 2021.
RentingForHalfTheCost
2013 Jan 1, 7:34am
My rent will be lower (either in existing house or new rental) and my income will be higher. I'll keep being a renter in SFBA while accumulating more investments, traveling, eating great food, and buying cool stuff.
However, if I move, then I will own for sure.
RentingForHalfTheCost
2013 Jan 1, 7:35am
I see housing going up 22% a year from now until 2021.
I think you meant 2.2%. Then I would say maybe, a big maybe.
Mortgage rates will increase gradually and will end the year at about 5%.
The economy will improve as people gain more certainty, thus cutting unemployment by about one point.
House prices will remain flat; more people will begin listing which will alleviate the demand.
Most folks will buy cheap land on www.landcentral.com for 20.00 or 1.00 down, Invest in Campers and bunkers, live off the land cheap.
bmwman91
2013 Jan 1, 8:45am
Mortgage rates will increase gradually and will end the year at about 5%.
The economy will improve as people gain more certainty, thus cutting unemployment by about one point.
House prices will remain flat; more people will begin listing which will alleviate the demand.
Seems plausible. My friend in the housing finance industry says that inventory will be coming in February via a couple of the GSEs.
I doubt foreclosures will make up any larger percentage of the market than they do right now.
I just think that, given that prices have edged up a bit, there will be enough people in a position to sell that they'll start listing. They started doing this in the fall, but nobody really wants to move in the winter.
February / March should see a lot of properties hitting the market.
Housing starts in Q3 / Q4 were also up significantly; those houses will be complete and hitting the market in the spring.
Housing can only go up and now is the time to buy always holds true! Call your agent now!
EastCoastBubbleBoy
2013 Dec 31, 10:33am
I love rereading predictions made this time last year... As with most years I wasn't even close.
New Renter
2013 Dec 31, 1:10pm
We can't wait forever, and rents will NEED to rise in most areas to keep up with the rising price of taxes, maintenance, etc. that are part and parcel with home ownership.
Rents may rise which may force renters to leave.
I love rereading predictions made this time last year... As with most years I wasn't even close.
Me neither thank God!
Of course had I that kind of foresight I'd have plunked every last dollar into an SP500 index fund...
Oh well at least I didn't buy gold!~
1) Rates will stay low. 30-year fixed will be between 3% and 4% for most of the year.
2) Media will trump a "recovery" - but most of us won't feel it.
3) At some point push has to come to shove. Many of us on the sidelines will start re-evaluating the buy side of the equation. We can't wait forever, and rents will NEED to rise in most areas to keep up with the rising price of taxes, maintenance, etc. that are part and parcel with home ownership. In short, I think many of us who are regulars will finally take the plunge and buy something.
4) In short, this is “as good as it getsâ€. A true recovery is still two (or more) years off.
*EDIT*
5) That said, data will show Q2 of 2012 was the bottom in most markets, and prices will slowly rise in most markets throughout most of 2013.
#housing