According to new reports, the U.S. housing market is in a unique position: Most homeowners are not putting their homes up for sale, while those that are on the market cannot be afforded by those who are looking. The housing market essentially has two problems that are directly connected – not enough sellers and not enough buyers. While the market has been on a slow recovery since the recession began in 2008, there is still a lot of ground to make up. Experts believe that the housing market could get stronger this year, but it is far from certain.
Here are a few signs that will determine the health of the real estate market in 2014:
- Lack of buyers: If the housing market is to fully recover, more first-time buyers are going to be needed. In 2013, 1.5 million people bought a home for the first time, which is roughly 500,000 fewer than would have if the market were at secure levels. In order for the market to improve, there needs to be an increase in both people looking to buy and sell their homes.
- More listings: There has been a sharp drop in homeowners who are looking to sell their properties over the past few months. Individuals who are considering selling their homes should begin making improvements and upgrades to get their spaces market ready in the near future, as home sales should grow due to the country's strengthening economy. People looking to buy homes are also more likely to seriously look while the weather is improved.
Many experts believe that the housing market is due to rebound over the next year. If you are interested selling your Sacramento home, schedule an appointment with Jon Hesse Realty to begin the first steps in the process.