Looking Ahead to 2014…
I am often asked about the real estate market outlook for 2014. Overall, I expect an even better real estate market than 2013 in Skagit County but whether or not you benefit, will depend on your circumstances. Here are my predictions for Skyline and Anacortes based upon numerous articles I have read from national and state economists, real estate specialists, national builders, mortgage lenders, and the other agents across the country.
1. Interest rates will stay low but will be slightly higher than they are now. This will impact first time home buyers the most and anyone who is looking to leverage.
2. If the economy continues to improve in Western Washington, more homeowners in the greater Seattle area will be able move into our area and either telecommute or retire.
3. The second home market is in the infancy phase of a recovery as it is always the last phase of the market to recover. We have just started to see second home activity, but those buyers will be more cautious than in years past.
4. 2014, like 2013, will be a year of short inventory in many market segments. We experienced an inventory shortage especially in Skyline. In 2014, I expect many Skyline homeowners will feel they have recouped enough of their equity and will decide to sell. Competition for these homes will be new construction so condition and staging the home will be more critical than ever (I provide free staging services for my listings).
5. Most Skagit County foreclosures are behind us so there will be fewer appraisal issues on homes in escrow than in 2013.
6. Our population will increase but the number of new homes in Anacortes will be less than the population increase. We continue to see an increase in multi-generation living as kids can’t find jobs and senior citizens live with their children to help both parties benefit economically.
What does this mean for you if you are considering selling? Please call Jean Groesbeck for a free no obligation market analysis and to discuss strategies for achieving top dollar for your home.
If you would like to receive our quarterly newsletter, which gives a detailed breakdown of market stats by price, please call (360) 941-3734 or email Jean@JeanGroesbeck.com. Your Anacortes Skyline specialist!