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2015 Housing Market Predictions

With 2014 coming to a close, 2015 brings on a new year of growth for real estate! 2014 proved to be the best year in the housing market since 2008. With the economy recovering, new job availability, and incomes increasing, it looks like 2015 could be another great year for the housing market! The 2015 housing market predictions are:

  1. Mortgage rate increase. Unfortunately, one of the effects of the housing market doing well is that mortgage rates are going to increase. Last year mortgage rates were at a low. This year, interest rates are going to be higher. The mortgage rates predicted to be affected the most are the 30-year fixed rates.
  2. Millennials purchasing homes. As millennials grow older, they are looking to marry, build families, and settle down in a home. Sixty-five percent of first-time homebuyers come from this population. With more jobs becoming available and higher wages being offered, more millennials are expected to be able to purchase a home.
  3. Mortgage qualifications being problematic. Though more millennials may be purchasing homes, the number one factor keeping even more from buying a home is the qualifications needed for a mortgage. The difficulty of being accepted for a mortgage has remained steady for the last 4 years. Unless some major changes happen, it’s expected to remain challenging.
  4. The end of mass foreclosures. Ever since 2008 when the housing market crashed, foreclosures have been at a high. In 2014, there was great improvement, as foreclosures decreased by approximately 30%. In 2015, foreclosures are expected to drop another 30% or more, bringing foreclosures to a normal level.

These are the housing predictions for 2015 across the nation! However, with each city, neighborhood, and home, there are exceptions. Every area is going to have its own trends. Talk to your Realtor to know the specific housing market trends for where you live.

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