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Today we're going to do a market recap on 2013 and then I'm going to tell you what to expect in 2014.
What Happened in 2013...
- Last year's ultra-low interest rates primed us for a very hot spring with record sales. For the whole of last year, our sales rose by 13%. Home prices also went up, with appreciation rising 3-4% on average.
- After record months in April, May and June, interest started rising again and we saw a dramatic fall off in sales. Interest went from 3.2% to 4.9% which cut our sales in half. As the year progressed the buyers adjusted to the change in prices and eventually crept back into the market as interest was slightly lower.
- As interest rates climb, you will start to see prices stabilize. Prices of homes will still be going up in value, and you can also expect to see some reasonable appreciation in the Cleveland area with values increasing by 3-5%.
If you need any help finding a property or have any questions, call me at (440) 974-0404 or visit my website: www.themichaelkaimteam.com