Have you been wondering what changes and developments in the North East Ohio 2013 housing market will mean for your home? If so, you’re not alone.
A series of predictions published on December 10, 2012 by Frank Nothaft, Vice President and Chief Economist of Freddie Mac may provide some clarity.
5 Freddie Mac Expectations For Your Home in 2013
- Mortgage Rates – Freddie Mac expects to see rates below 4 percent throughout 2013, making purchasing your home easier for most buyers.
- Home Values – Freddie Mac believes there will be an average increase in the value of your home between 2.5 and 3 percent over 2013, with some neighborhoods outperforming this estimate and others underperforming, creating a national average increase.
- Growing Number of Households – Freddie Mac predicts that an additional 1.25 million households (net household formations) will be created in 2013, providing more demand for your home.
- Decreased Vacancy – As new households are formed, more properties will be filled, allowing for a natural decline in the vacancy rate.
- Less Refinancing for SFR – Though rates will continue to be low throughout 2013, Freddie Mac suggests that single family residences will be doing less of the refinancing while a substantial increase will be seen in multi-family lending, resulting from accelerated building of apartment and multi-family investment properties.