What Can You Expect from Real Estate in 2015?

Welcome to the latest edition of the Omni Real Estate Report! As a new year begins, we thought it would be an appropriate time to share 5 trends that will influence the housing market in 2015.
  1. Interest rates remain low: Even though prices are a little higher, the low rates we've seen mean payments are as low as they were in 2003. We're not expecting rates to rise too much throughout 2015, so affordability will remain high.
  2. Fannie Mae and Freddie Mac loan changes: Fannie and Freddie have just announced their intention to relax some of their lending guidelines, which should allow for some more liquidity in the market. Additionally, they have announced a new 3% down product for conventional loans, making home ownership more affordable than ever!
  3. Accessible jumbo loans: These are easy to get right now and rates are low. You can get a jumbo loan for as little as 10% down, which makes borrowing a lot of money quite cheap. 
  4. Millennials entering the market: There is evidence that this is the year millennials finally enter the market. Since many are no longer at entry level jobs and are looking to start a family, we're expecting to see more first-time home buyers.
  5. Distressed property sellers out of the "penalty box": 2015 is the first year that homeowners who had a short sale or foreclosure are able to enter the buyer's market again. This should have a significant impact on the demand for homes, which is great news for the market. 
As you can see, 2015 is going to be a very exciting year! Things are really looking up for real estate, and we're excited to be a part of it.

If you have any questions about market conditions in our area, don't hesitate to give us a call or shoot us an email. We'll help you prepare for the new year, so you can get ahead of the competition!

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