Your Miami Beach Home in 2013 – What Lies Ahead

 

Freddie Mac predictions and your homeWith the start of 2013 approaching in a few weeks Miami Beach sellers and buyers have been wondering what changes and developments in the 2013 Miami Beach housing market will mean for their luxury waterfront single-family homes. For the Miami Beach real estate market positive trends continue to dominate the market. In Miami Beach specifically, strong price appreciation, rapid sales, foreign buyers and investors and an overall good market condition has helped to secure the confidence of many Miami Beach home-buyers and sellers.  Nationwide, similar effects of a real estate market upturn has given property owners looking to sell in this buyers market a boost. The news on the Real Estate market from top realtors, economists and reports also give good sign of the markets future for 2013 and beyond.

One example is a series of  Real estate housing predictions published on December 10, 2012 by Frank Nothaft, Vice President and Chief Economist of Freddie Mac, which may provide some clarity on nationwide and Miami Beach housing trends for 2013.

Miami Beach sellers should review the bullet points below or watch the video focusing on five housing features outlined by Mr. Nothaft on expectations Freddie Mac holds in regards to the Miami Beach and overall nationwide housing market and your home in 2013.

5 Freddie Mac Expectations For Your Miami Beach Home in 2013

  • • Mortgage Rates – Freddie Mac expects to see rates below 4 percent throughout 2013, making purchasing your Miami Beach home easier for most buyers.
  • • Miami Beach Home Values – Freddie Mac believes there will be an average increase in the value of your waterfront and luxury home between 2.5 and 3 percent over 2013, with some neighborhoods (such as several Miami Beach Island communities) outperforming this estimate and others underperforming (in the Miami Beach market perhaps due to lack of availability) , creating a national average increase.
  • • Growing Number of Households – Freddie Mac predicts that an additional 1.25 million households (net household formations) will be created in 2013, providing more demand for your Miami Beach home.
  • • Decreased Vacancy – As new households are formed, more properties will be filled, allowing for a natural decline in the vacancy rate.
  • •  Less Refinancing for SFR – Though rates will continue to be low throughout 2013, Freddie Mac suggests that single family residences will be doing less of the refinancing while a substantial increase will be seen in multi-family lending, resulting from accelerated building of apartment and multi-family investment properties.

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