What Real Estate Trends to Expect in 2015

Housing experts are predicting a return to normalcy and balance for real estate markets across the country next year. Zillow chief economist Stan Humphries expects home value growth to slow to about 3 percent, which will make real estate less of a draw for investors. Redfin.com chief economist Nela Richardson agrees that traditional buyers will face less competition from speculators. Along with a larger supply of homes on the market, Richardson says buyers are becoming “more picky, and they’re willing to let a home go if they don’t think it’s a good fit for them.” Whereas in the recent past they would have made concession to seller, house-hunters in the new year are more likely to demand financing and inspection contingencies. Foreign buyers may find high-end real estate appealing due to economic pressures in their home countries. Humphries also expects Millennials to represent the largest group of home buyers by the end of 2015. Herman Chan, real estate broker with Bay Sotheby’s International Realty in San Francisco, believes baby boomers will be in a position to sell because there will be fewer homes underwater. Also, more people may qualify for homes due to efforts to ease mortgage eligibility. | Read More