What Does Newport Housing Forecast Say to Sellers
Do you have a property in Newport, but not too sure if it is the right time to sell it out? After all, the housing market doesn’t seem to be as profitable as it used to be some years before.
But the silver lining is the tough times that the average American homeowners faced during the recession time seem to have eased a little bit now. This, in turn, is propelling many potential customers to look for properties. So when it comes to speculating the market in the present scenario, a brief overview on the Newport housing forecast, contributed by the experts can be helpful.
What do the reports say
2013 has been a relatively good year for Newport property owners, with home prices skyrocketing up to 23.3% in July. However, there has been no significant improvement in the business ever since. Even then, currently, the market is just about 10% away from the peak it enjoyed in 2007.
On the basis of the current statistics, the home prices in Newport and surrounding areas are likely to continue upward, at a slower pace though. By the end of the current year, the prices of residential homes are predicted to be increased by 4.1%. Also, prices of the properties located in and around Newport Beach, Costa Mesa and Orange County are not going to experience a downtrend anytime soon.
What might affect your property’s price
Many leads are stepping back from buying new properties for diverse reasons. For one, the Federal Reserve Board will evidently pull back its “quantitative easing” policy, thus apprehending the common people. So despite the steady improvement in the economic scenario, there has not been any significant hike in the prices of houses. This apart, in Newport, the inventory has increased by 30%; consequently, it gives more buying choices to the potential buyers. Hence, sellers are getting lesser bids.
However, the bottom-line is the overall economy is expected to improve in 2014, and hopefully, there will be an improvement in job growth. Hence, property owners are sure to enjoy a more profitable market in the near future.
Categories: Business Tips
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