Real Estate Market
There’s no doubt Houston’s real estate market has been on fire in recent years, and the Urban Land Institute predicts 2014 will be even better than the year before.
The ULI ranked Houston the No. 2 market to watch in its “Emerging Trends in Real Estate 2014” report. That’s up from No. 5 in 2013.
ULI’s reasoning is not that surprising: “Houston’s booming energy economy has fueled an active real estate market over the past few years, and survey respondents expect that to continue in the coming year.”
The housing recovery in 2013 was a very welcome topic: home prices went up, less homeowners were underwater, and builder confidence was rising. It is looking like 2014 will be another good year for housing. Here are 10 things that housing experts are expecting to see in 2014:
1. Larger Inventory
A short supply of homes in the beginning of 2013 drove home prices up, but that is expected to change for 2014. Rising prices and new construction should bring more homes, both new and old, to the 2014 market.
2. Rising Mortgage Rates