The winter weather in January and February of 2014 has definitely impacted the real estate markets throughout the United States. Now we turn our attention to Spring and what is traditionally the season that buyers get active looking for new homes. We hope this Spring is going to be early and energized. As we begin to thaw out, potential buyers are going to be anxious to begin their search to find a new home. Mortgage rates have moved downward slightly in the last month or so and that will encourage buyers to believe the time is right.
Potential buyers realize that home values rose in 2013 and to get the best value they need to move quickly. According to CoreLogic and reported by Realtor.org, home prices in 2013 saw the largest percentage increase across the board since 2005, north of 11% as of December. The appreciation was most pronounced in the states that were hit hardest in the real estate collapse: Nevada rose 23.9%, California 19.7%, and Michigan 14% rounding out the top three.
Valuation Management Group looks forward to a robust Spring home buying revival.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.