Jacksonville is one of the many cities in Florida that has been showing increase in the real estate market. Florida Investing Jacksonville is increasing with increases in the job market and decrease in the effects of recession, the real estate market is slowly improving.
The Top 5 Housing Predictions for 2015
1. The rapid pace of the home value will level out. Home values have been on a constant rapid rise and predictions such as CoreLogic has shown a 5.7% increase in home prices between July 2014 and July 2015. The general message is that the value of residential property will continue to rise however at a more gradual pace than that of the past 12 months.
2. Affordability of homes will decrease by 5%-10%.The increase in the appreciation of home prices and mortgage rates will attribute for a decrease in home affordability. For Jacksonville residents however the increase in prices and rates will be offset by slowly increasing incomes.
3. Mortgage rates will not go over 5%. Economists who have a specialization in housing trends and mortgage have used some of the best data available to forecast that mortgage rates will more than likely remain below 5% for most of the year 2015 and will reach 5% by the end of the year. The prediction is only a well-educated guess based on the data and not be considered set in stone or assured.
4. There will be an 8% increase on existing home sales. As the market projects that prices and rates will continue to rise, it will attract more buyers and so this will result in an increase on home sales. Predictions have also shown that the major contributions to the increase in home sales will be millennial and baby boomers preparing for retirement.
5. Prices of homes will increase 4%-5%. As there will be more employment opportunities since Jacksonville continues to grow its job sector, there will be a higher demand for homes and so home prices will be on the increase as well.
Take Advantage of the Trends
For many people owning a home is a big step and should only be taken when they are completely ready both financially and mentally. With the increasing job sector in Jacksonville this would be the opportune time to obtain a job in the city and move towards the goals of owning a home. A higher income equals more affordability in owning a home.
Easier Home Ownership
With the many positive forecasts for 2015 persons may find it easier to own a home than before. As employment opportunities increase in Jacksonville first time buyers will be empowered to step into the real estate market.There are more real estate business news at http://www.bizjournals.com/jacksonville/news/2015/04/20/business-owner-jack-demetree-had-a-love-for-real.html?page=all
The housing predictions of 2015 seem to be majorly positive as the real estate market in Florida Investing Jacksonville and other cities continue to improve. The real estate growth is not only expected for Jacksonville and Florida but it should be widespread as more forecasts are made.