After years of misery, the housing market is actually looking up for 2014, especially in Jacksonville.
Home values are picking up in spots around the country, but mortgage rates are expected to rise. Still, if you’re trying to get a home loan next year you’ll probably have an easier time of it.
There's some really good news locally; Jacksonville was just named one of the top upcoming housing markets in the country.
Svenja Gudell, director of economic research at online real estate database Zillow, which released the rankings, joined Melissa Ross to discuss their outlook for 2014.
Zillow's 2014 Predictions:
- U.S. home values will increase by 3 percent
- Mortgage rates will reach 5 percent by the end of the year:
- It will be easier for borrowers to get a mortgage in 2014
To determine which markets will be the hottest in 2014, Zillow combined data on unemployment rates, population growth and their Home Value Forecast.
Markets determined to be ‘hot’ are characterized by lower than average unemployment, population growth of greater than 2 percent during the past two years and are forecasted to have home value growth of more than 2 percent during the next 12 months.
The list is intended to give an early view into housing markets that are likely to experience heavy demand for homes, as well as increasing home values.
You can follow Melissa Ross on Twitter @MelissainJax.