Report: 2015 has potential for strong housing market [VIDEO]
Posted on Monday, March 2, 2015 at 11:11:13 AM
This year is showing signs of an incredibly strong and successful housing market, thanks to a couple of reports from industry experts.
According to Fannie Mae, the U.S. economy should see a growing employment sector, rising income and other positive trends in 2015. This will help consumer spending throughout the year, including homebuying.
In addition, Redfin reported that several signs are indicative of housing market potential. For starters, many consumers are already requesting home tours - up 50 percent from February 2014 to February 2015. A similar trend was found with home sales. Listed properties increased by 6.3 percent on a yearly basis this January, and more homes went on the market at that time than other month since August 2013.
Overall, these are signs that the housing market is poised for growth. Current homeowners are prepping their houses for sale, while many are already listing on the market. Potential buyers are starting their searches early in the year, even as competition begins to heat up.
Thankfully, residential financing rates remain historically affordable, and other economic conditions are ideal for the housing market. This should make the next nine months quite exciting.