Experts everywhere said that home prices would continue to rise in 2014 at a slow, more steady pace. The housing recovery pushed up home prices everywhere in the U.S.
Clear Capital, a provider of real estate data and analysis, said that over the last year or so, home prices rose in *225 of the 276 cities that the company tracked. Nationwide home prices increased by about 10.9 percent. Other indicators come from places like web-based real estate companies, such as Zillow and Trulia, and e-commerce providers of house plans. Business is robust as many people sell their homes, buy property and are starting to build their dream homes.
The experts went on to say that the median price for an existing home was up by around $30,000 to $215,000, which is really good news for anyone that has waited to refinance their mortgage or sell their home. Rental prices in major markets are also up. In Los Angeles they are up 28 percent in a year.
According to a Wall Street Journal article today, “Downtown condominium prices continue to skyrocket in West Coast cities, as the booming tech industry and interest from foreign buyers sends condo prices skyward and leaving little left to buy.†In fact, in San Francisco, California, new condo prices are at about $1,000 per square foot.
Kiplinger’s report said, “In 2013, a sense of urgency drove traditional buyers hoping to take advantage of still-affordable home prices and historically low mortgage rates. Buyers found selection limited and were often forced into bidding wars with investors and other buyers who paid cash. Sellers reaped the rewards in terms of quick sales, often above the asking price.â€
When a person sells their home, and they already have a new property and house plan in mind, the next steps are to hire the contractor and begin to build. Some of the most popular house plans today are those with a great room, outdoor kitchen and dining, and a bonus room where kids returning from college can live until they get a job, or an elderly parent can reside. Homeowners without kids often want that extra room as an office, and many people enjoy hobby rooms, so the bonus room is a must.
