2012 has been a great year for real estate but what can you expect in 2013? Here are my top three predictions for real estate in 2013:
1. Last year I predicted prices would be up 7-10% and I think we’ll see another 10% rise in prices in 2013.
2. Inventory has been very low most of 2012 but as prices rise people that had been underwater will come into the market and we’re already seeing that happen now. I think we’ll see much more for sale by February 2013. Ahead of the usual summer rush.
3. Interest rates dropped to almost 3% in 2012 and I think we’ll see interest rates bounce around between 3-4% in 2013. I don’t see them going much higher or lower.