Although the home buyer tax credit has expired, and unemployment rates remain high, economic research points to a continually improving housing market. Over the last four years, home prices in the U.S. have declined 29.5% according to the Fiserv Case-Schiller Indexes. However, home prices are expected to rise to 7.2% above the peak 2010 levels by early-mid 2014. This growth is expected to be fueled by growth in income, demographic trends, foreclosure rates and construction costs. Of the 384 markets surveyed, the Bremerton-Silverdale sub-market in Washington state has the highest growth forecast over the next four years. Prices in this market are expected to rise 44.7% over the next four years. Tacoma is expected to be Washington’s second highest market with a four year growth projection of 33.1%, with the overall Seattle market in aggregate expected to grow 25.5%. Other markets with high growth projections include Bend, Oregon and Detroit, MI, while Miami and Naples, FL are forecast to have the lowest four year growth projections. Given the greater Seattle market is well-poised for continued growth, now could be a great time to explore home ownership. Give us a call, and we will be happy to assist you with your needs.
Washington is #1!
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