My perspective: Edina Realty's president offers 2013 local market predictions

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My perspective: Edina Realty's president offers 2013 local market predictions

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Looking into 2013, national real estate and economic professionals are optimistic that the market will continue to see steady recovery. 

Local predictions from Edina Realty president Barb Jandric

  • Expect historically low rates to continue; rates are not expected to exceed 4 percent
  • Traditional home sellers will dominate the market again in 2013
  • New construction will be on the rise in Minnesota and Wisconsin and will be visible on a level unlike what we have seen for many years
  • Some value appreciation is expected to occur – about 4 - 5 percent
  • Upper bracket homes sales and prices, which tend to be the last to recover,
    will stabilize and start to increase
  • Expect continued challenges and increased information required to secure financing

National market predictions

Freddie Mac

  • Home values are expected to continue to increase 2 - 3 percent nationally
  • Mortgage rates may start to rise in the second half of 2013, but are expected to stay below 4 percent
  • Household formation is expected to increase by 1.20 to 1.25 million

Source: Economic and Housing Market Outlook for December


Lawrence Yun, chief economist for the National Association of REALTORS®

  • Homeowner equity should see a trillion dollar accumulation next year, based on price increases of 4 - 5 percent
  • Based on the expected increase in household formation, Yun predicts a mulit-year housing market recovery
  • Yun described the current all-time low mortgage rates as a "once-in-a-lifetime opportunity"

Source: Real Estate Today interview


Forbes

  • Home prices will rise, but modestly
  • As the job market slowly improves, household formation will increase as adult children can afford to leave their parents' homes
  • The increase in rents has made ownership more affordable in many areas; this will probably continue

Source: Forbes Magazine

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