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Home Sales Predicted to Hold Steady in 2014 |
National predictions are for homes sales to hold steady in 2014, while prices continue to rise, according to NAR Chief Economist Lawrence Yun, speaking at the November NAR Convention. He expects the national median existing-home price, currently at $197,000, to increase nearly 6 percent next year.
Mortgage interest rates are expected to trend upward and reach 5.4 by the end of next year. With higher mortgage interest rates, he expects refinancings to collapse in 2014 to the lowest level in at least 15 years, and hopes purchase applications will begin to rise. He noted that "even with cheap mortgages for the past four years, all-cash buyers stayed high, accounting for over 30 percent of sales nationwide."
Limited supplies remain a big factor, with inventory bouncing around 13-year lows, and seriously delinquent mortgages have been trending steadily down. "Housing starts are the only way to alleviate inventory shortages. Housing starts need to rise 50 percent to meet underlying demand," according to Yun. |
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Roanoke City Named One of Top Places to Retire |
Congratulations to Roanoke City, named #6 on the Top 10 Best Places to Retire list, by Livability.com , a national website that ranks quality of life and travel amenities of America's small and mid-sized cities. Roanoke was the only Virginia City to make this list.
Roanoke was chosen "because it exposes older adults to new experiences -- keeping them active, engaged, healthy and inspired. The City offers a host of quality of life amenities appealing to seniors -- from arts and cultural activities, outdoor recreation opportunities, top-notch medical facilities to economic assets, such as continuing education and lower cost of living." |
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Make a Difference in 2014! |
Volunteering benefits not only RVAR, but also your business. You will be better informed on industry trends, expand your network and have a hand in shaping the Association's direction.
Join a Committee and let RVAR help improve your business! Both REALTORS® and Affiliate members are welcome to serve. Click here for instructions on how to sign up for a Committee, including a complete description of each RVAR Committee. |
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