Last week, on Your Home, we took a look back at how mortgage rates fared in 2013. This week we turn our attention to how the real estate market fared this year and how 2014 could shake out. Solomon Syed filed the following report.
"Overall in 2013 the housing market has been very boring actually. I thought it'd be a lot better this year. It's been only about a two to three percent increase over prior year. And now we're coming into 2014 as a very balanced market," said Willie Miranda, Real Estate Broker.
Coinciding with the slight increase in the market, housing prices did the same.
"In Upstate New York, you're seeing a lot of the housing market values go up a little bit, maybe about two or three percent, but very steady which was what was predicted in the beginning of the year. You're not going to see those high spikes or those big lows, so we're seeing that the average sales prices only went up about two or three percent in Upstate New York," Miranda added.
So what can buyers and sellers expect in a balanced market? For starters, a lot more competition.
"You're going to find that buyers and sellers are coming a lot closer on what their home is worth and what they're willing to pay for a home. Right now you're starting to see a lot of multiple offers so, we're finding that buyers that are coming in they're going to be face with other buyers looking to buy the same home, so it's important that buyers come in and make a strong offer versus feeling like they have five or ten homes to go look at. If you find something you like you want to make sure you put the right offer in on it," Miranda went on to say.
Also, if you're a current homeowner, you'll want to make sure you've done your STAR exemption registration, which needs to be done by December 31. It's an important tax break that could save you a good chunk of change on your taxes.