Experts and economists are optimistic about the housing scenario in 2015, and they have reasons to be after the tough past few years. Along with the overall economic recovery and an improving job market, there are other positive signs to boost the market as well.
A key one is the relaxed credit and underwriting requirements by more mortgage lenders this year. Lower down payments combine with the looser credit standards to boost affordability, allowing more first-time buyers to enter the market.
As the end of 2014 saw, home prices have also cooled down to a steadier pace and, per Freddie Mac economists, they will rise only by 3 percent in 2015.
Mortgage rates are going to be low as well, and even if they do rise, experts have predicted that they will remain far lower than their historical averages. There is also going to a significant rise in housing inventory, easing the way for the market to see positive growth.
In such a scenario, both the new home and the home renovation markets are all set to flourish. One trend that is already making its presence felt is “underfloor heating” or “heated bathroom floor.”
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