As we head towards the end of 2013, and into the start of 2014, there are some noteworthy national trends in real estate that are worth watching. These primarily center on the increasing likelihood of rising mortgage interest rates, as well as the possibility of the Federal Reserve beginning to taper, or slow down, its long-running bond buyback program. Both trends could foretell significant changes in the real estate market nationally in 2014.
In spite of these emerging trends, there are some other numbers worth noting in terms of the national real estate market that could also impact the coming year. One of these is that new home sales surged in October 2013 by 25% from the previous month, according to a report released by the U.S. Department of Commerce.
According to Keith Gumbinger, Vice-President of the mortgage information site HSH Associates, “It may very well be that a lot of folks are feeling better about their prospects and buying a new home.” In addition, Gumbinger also stated that there has been a general ease of financing for buyers, as “builders are motivated to get folks into homes.” Finally, Gumbinger also said that inventories of existing homes are thin in several markets, prompting people to build new homes rather than buy old ones.
The largest trend, however, in the coming year will center on the very real possibility of rising mortgage interest rates, especially since the Fed is currently weighing whether or not to start with tapering, or reducing the amount and scale to the Fed has been buying back bonds and securities since the 2008 financial crisis. The key to any real impacts will center on job and wage growth in the economy as a whole, and rising home prices will also have an impact as to whether or not there will be more buyers and sellers on the market in the coming year. At this point, it is too early to state how much of an impact this will have on the market, even though mortgage rates, from a more historical perspective, still remain low by comparison.
In view of these emerging trends, as well as recent surges in both home prices and new home sales nationally, there has never been a better time to find the home of your dreams, right here in the Great Smoky Mountains! Please feel free to browse our available inventory of properties, and see the many varieties of properties that we currently have here in the Smokies! Let us help you realize your home ownership dreams today!
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The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121