According to statistics shared by the Wall Street Journal, the economic forecasters expect to see a 2% home price increase in 2012 and a 3% increase in 2013.
It is news like this which causes home sellers to hold off listing in the hopes of gaining a larger profit higher home prices. This is a risky gamble because timing the selling of your home has to be part of market equation. Let me point out timing of the real estate market where we are NOW in 2012 vs. the FUTURE of 2013.
You probably won’t hear much in the news media about the mortgage reform changes coming in January 2013 with qualified mortgages as part of the Dodd Frank Act . Buyers who can obtain approval now may not meet the new criteria in 2013. This is going to affect both home sellers and buyers.
I am sharing a video prepared by Louisiana Mortgage Broker Mike Anderson who explains the changes that are coming effective January 22,2013
So what if Lake Charles home prices do go up in 2013 and you decide to wait until spring 2013 to sell your Lake Charles home and purchase another Lake Charles home? You may find the pool of buyers shrinking due to the new mortgage guidelines, and you may likely pay more for your new homes if home values and prices do go up in 2013.
I don’t have the crystal ball of the future but I can share facts of what the real estate market is doing right now in Southwest Louisiana. Compared to the last few years, 2012 is a great time to buy and sell. Buyers can take advantage of historically low interest rates now. Next year when we make the same comparison, who knows?
If you have been on the fence about listing your Lake Charles home or buying a Lake Charles home. Get a jump NOW and take advantage of the Buyers and Inventory of Lake Charles Homes in 2012! Contact me today to list your Lake Charles home or search for a new Lake Charles Home.