5 Predictions for the US Housing Market in 2015

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PredictionAre you a current home owner who is considering listing your property on the market in 2015?

If so, then you’re likely to enjoy a lot of success!

After all, Realtor.com recently released its top predictions for the housing market in the New Year. And all of them seem to favor home sellers.

Let’s Take a Closer Look at National Housing Market Predictions

Millennials will enter the market en masse. This is something the housing market has needed for the last couple of years: More Millennials entering the market as first time home buyers. And according to projections, that’s what you can expect in the New Year, with more than two thirds of household formation being credited to this demographic. Helping matters is the fact that about 2.5 million jobs are expected to be added next year, improving home buying power.

There will be an increase in existing home sales. These sales are expected to increase 8 percent during the New Year. Meanwhile, as more people gain employment and increased incomes, distressed property inventory is expected to decline. All of this means a lower real estate inventory. This coupled with a surplus of buyers will create a seller’s market.

Home prices will rise. This generally follows when housing inventory shrinks. In fact, prices are expected to increase by an average of at least 4.5 percent in the coming year. Thus, if you’re thinking about possibly selling your home, 2015 is likely going to be a good year for doing so.

Mortgage rates will increase as well. For much of 2014, these rates have hovered around 4 percent and under. But with the previously mentioned factors and the Federal Reserve’s expected rate hike in the early part of 2015, residents can expect home loans to shoot up to 5 percent in 2015. If you have been thinking about re-financing, it makes sense to do it sooner rather than later since mortgage rates are likely to increase.

Home affordability will decline. With all of these changes on the market expected, home affordability is projected to decrease by 5 to 10 percent. This will be driven by price appreciation, mortgage rate hikes and tighter housing inventory. Again, if you’re thinking about possibly selling your home, 2015 is likely to be a good year for home sales.

See You In 2015!

We hope that as a home seller, you’ve found the above predictions encouraging.

We’ll be back in the New Year to discuss whether these real estate predictions come true and to revisit how they will impact buyers and sellers.

For now, we hope you and your family have a happy holiday season!

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10 Winter Home Improvements That Are Worth The Investment

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ChecklistWe hope everyone had a memorable Thanksgiving Day last week and enjoyed the long holiday weekend.

With December officially upon us, residents can expect temperatures to continue to dip as we head into the New Year.

So today, we wanted to share with you some relatively easy home improvements that you can make that will save you money during the winter months.

Home Tips for Saving Yourself Money This Winter

Here are 10 home improvements that you can make this winter that will save you both money and energy:

Caulk around windows and doors, making sure that all cracks and holes are sealed. This will keep the cold air out of your house, which will keep your heater from working overtime. If necessary, you might also consider adding or replacing weather stripping.

Add area rugs to your tile and wood floors. This creates an extra layer of insulation in your home and also makes it easier to walk around your home in bare feet during the winter time.

Install glass doors that close off your fireplace. This will not only keep cold air from coming down and through your house but it will also prevent warm air from escaping through the chimney. Also, if you use your fireplace, make sure to close the flue when you’re finished.

Insulate your attic door. For instance, you can buy covers for your attic staircases or openings. This will actually help you reduce energy costs all year long.

Cover your windows. Even if you don’t have storm windows, you can create your own with a window insulation kit. And inside your house, consider using insulated drapes.

Buy Insulated Garage Doors and Exterior Doors. Typically, the garage doors that come with most homes aren’t insulated. You can change that to save on energy costs.

Add insulation to your home throughout. This includes in the attic as well as the crawl space, garage and basement. Experts recommend that you add insulation if you haven’t done so in more than 20 years.

Reverse Ceiling fans. Some people may not be aware of this but you actually have the option of reversing your ceiling fans. Running them counterclockwise makes it cooler during the summer months but by making them clockwise, they will circulate warm air back into the room.

Replace your furnace filters. Just like with anything else, dirty furnace filters will make it work less efficiently. Generally speaking, filters should be changed every month during the heating season.

Replace your outdated furnace altogether. If your furnace is older, you might consider purchasing a newer unit that is going to produce more heat with less energy. Just make sure that you get the right size for the space you have.

If you want to take your home-savings even further this winter, you can check out the U.S. Department of Energy’s do-it-yourself energy audit on their website. Or you can call a contractor and request a professional audit.

Offering You National Home Advice You Won’t Find Anywhere Else

We hope you found this information helpful as a current home owner.

Please be sure to check back soon as we continue to provide you with useful and relevant real estate information!

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