Real Estate Trends 2014
If you’re in the market to buy, sell, or invest in real estate in 2014, you need to know the current state of the market and have a good sense of emerging trends in order to make wise purchase decisions.
Here are some of the top real estate trends you can expect to see in 2014.
Moderate Increase in Mortgage Interest Rates
The past few years have been marked by unusually low mortgage interest rates thanks to government programs that were put in place to boost the failing housing market. Now those programs are becoming less available as the market recovers. This has resulted in a slow but steady increase in average mortgage interest rates across the US.
Housing Market Recovery
We’ve seen some tough time over the past 7 years with the struggling housing market. However, based on a survey released by PWC, the housing market is no longer a drag on most local economies. In fact, a number of local housing markets have seen prices return to levels comparable to the peak from the previous real estate boom. Many investors have purchased distressed homes in bulk over the past several years, particularly in markets hit hard by the bursting of the real estate bubble. This is one factor that has helped to stabilize these markets.
Canadians and Europeans Remain the Dominant US Investors
Outside investors continue to buy US real estate, most prevalently from Canada and Europe. This is mainly due to the struggling US dollar and lower property taxes, as well as the fact that Canadians and Europeans are generally wealthy compared to the rest of the world.
Arizona Homebuilding and Development on the Rise
Arizona, and in particular Phoenix and Tucson, is one of the stronger markets in the US. Many companies plan to move forward with homebuilding and development projects as buyers set their sights on this southwest state.
Arizona Golf Course Communities Remain a Favorite among Buyers and Investors
While there is an improved outlook for all types of residential property purchases and investments in 2014, Arizona golf properties remain a top-ranked favorite this year for both investment and personal home ownership. Single-family homes continue to be the most popular homes to buy rather than high-rise homes, and the high-end luxury market is expected to be strongest in 2014.
Arizona golf real estate makes a great investment because the golf courses add extra value to the property. For high-end buyers, estate home sites like the ones available at The Residences at The Ritz-Carlton, Dove Mountain, can provide the perfect opportunity to design and build a custom home within a luxury Arizona golf community.
For more information, visit http://theresidencesdovemountain.com.