Market Upswing for CT Home Sellers
Market Upswing for CT Home Sellser. Deborah Laemmerhirt 203-994-4297. www.HomesInConnecticutForSale.com
Market Upswing for CT Home Sellers: Experts say 2014 is going to be an equity building year for homeowners.
Positive Upswing for Home Sellers. Experts predict the housing market will continue to improve in 2014, although housing prices might not rise quite as much as they did in 2013. The National Association of Realtors estimated home prices would finish 2013 up 11.3 percent from 2012 levels. These are national prices, in our area the numbers are not to these levels.
NAR predicts the median existing home price will rise 5.3 percent to $207,200 in 2014 and the median price for new homes will rise 5.1 percent to $276,700.
Homeowners Continue Building Equity which is the best news for CT Home Sellers.
Despite the Great Recession, real estate continues to be an effective way to build wealth. If you bought the median-priced home in 2004 with a 30-year mortgage, you'd now have $28,114 in equity on average. If you bought the median-priced home in 2012, you'd have more than $23,000 in equity. Owning property is a solid investment, you can borrow against it when you have equity. Your investment always has value, unlike stocks or similar investment.
Positive Upswing for Home Sellers. Even those who purchased at the market peak in 2006 and were hit by the biggest price declines are close to having positive home equity.
A homeowner who bought in 2006 would have seen his home decline in value and by 2012, he would have owed about $28,200 more than his home was worth on average. But, by the end of 2013, he would be only $4,700 underwater, NAR says. Keep in mind that we are discussing the National Real Estate Market and Real Estate is a LOCAL market.
Market Upswing ForCT Home Sellers, The real good news is that most homeowners who bought their homes after 2007 have positive equity. If the economy continues to regain ground and the interest rates continue to remain lower we will experience recovery and growth. 
Good News for Home Sellers
