With 2014 just a few days away, let’s take a look backward to view of the top trends in real estate this year. Surprisingly, 2013 met – if not exceeded – the forecasts of real estate experts in the real estate industry.
- In 2013, forecasters predicted a rise in the housing prices. It came true. We saw an increase of 3.28% in the housing prices in the Greenville-Spartanburg-Anderson metropolitan area and a 6.35% increase in housing prices in Columbia, SC. This increase is not only evident in our two local markets; we have seen an increase of 7.57% on a national level.
- Many expected that mortgage rates would rise in 2013. It did. As seen in the report by HSH, the 30-year fixed-rate loans were as low as 3.66% in November of 2012 and rose to 4.36% in 2013. The interest may have risen, but it is still low compared to mortgage rates in the past.
- Bidding wars continued this year, spurred on by the low mortgage rates, rising home prices, and relatively low housing inventory.
- Rent hikes pulled more home buyers into the market. Rental fees have increased over the past few years, and this motivated renters to buy and take advantage of the low interest rates.
- The mobile app became increasingly popular this year as brokerages introduced their personalized versions. The mobile app has made accessing information on properties so easy. Now, home buyers and sellers can get information right from their smartphones and tablets. It is simple to call up listings near your GPS location, as well as have homes and their relevant information right at your fingertip.