Report Indicates Riverside Housing Market Increasing Through 2014
If you are curious about the Riverside housing market, thinking about selling your Riverside home, or looking to buy; Fannie Mae's Economic & Strategic Research Group has some good news for you!
The Group report indicates a marked increase in consumer spending since 2010 and a "modest re-acceleration" is predicted for the rest of 2013 due to a stronger labor market and improving financial and housing market conditions. Growth of 2.2% in housing and market conditions for 2013 is further anticipated, which is good news for your Riverside home.
We have certainly seen many examples of increasing market conditions in our Riverside housing market. Just last week our client closed escrow on a short sale they wrote an offer on back in November. There were 27 offers on the property, after only a week on the market. These new homeowners are happy they stuck with the short sale, the listing agent said from the time they wrote their offer at the end of November, until now, the home value has increased by over $50,000!
According to Fannie Mae Chief Economist Doug Duncan, a sustainable pace is continuing in the housing market, and should "act as a tailwind for the economy throughout the year and into 2014." The Economic & Strategic Research Group cited continued increased home demand as a possible significant contributor to growth in 2014.
Duncan went on to state, “Our May forecast predicts that the second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months.”
As the housing market shifts, does it change how you feel about your home status currently?
Do these statistics spur you towards selling your home?
As a buyer, does this information cause you to feel that now is the best time to buy your home?
If so, there are lots of options to consider as you buy and sell. If you have questions, please feel free to contact us. If you want to see the May housing forecast, please click here.
For more information on the Riverside housing market, real estate, and homes for sale- contact Graham and The Home Team at (951)534-9296, or email us.