NAR: Several issues affect real estate
Posted on Tuesday, November 12, 2013 at 11:31:02 AM
A lot of different components go into the housing market. From residential financing rates to the economy as a whole, the segment shifts quite frequently.
At the recent 2013 Realtors Conference and Expo, Scott Muldavin, president of consulting firm The Muldavin Company Inc., highlighted several key issues that could impact real estate, according to the National Association of Realtors.
Muldavin explained that mortgage rates are a top issue for the sector. Since they've been historically low, real estate has been on an upswing. However, as they change other factors could fluctuate as well.
Another important real estate issue is health care, according to Muldavin. An older population will increase demand for senior housing and medical facilities, which could also affect other areas.
Overall, homeowners have a lot to look forward to regarding residential financing and the housing market. Business Insider reported that 2014 is shaping up to be strong year for the U.S. economy, and the housing market is one major reason why.
In addition, household debt appears to be on the way down, the news source noted. As the real estate recovery continues, many other financial aspects are likely to improve as well.