Real Estate For January 4-5: Cold Start, Hot Year?

By on January 4, 2014

FireplaceYou might need to wear Arctic expedition gear to go house-hunting in Verona this weekend, but the chilly start to the real estate market should give way to a much warmer year for sellers.

A recent report by the Urban Land Institute predicts that 2014 will be a better year for many aspects of the residential real estate market nationwide. ULI says we have definitely switched from a buyer’s to a seller’s market, which means that more people should be encouraged to list their homes. Verona has had very few homes for sale in the last few years, so that prediction should warm the hearts of prospective buyers.

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The real estate Web site Zillow, meanwhile, is predicting that home prices will rise only 3% in 2014. That’s down from the 10.6% average increase recorded for 2013 nationwide. Part of that increase was caused by prospective buyers looking to get into new homes before mortgage rates rose, something that definitely seems on the horizon this year–to perhaps as much as 5%, according to Zillow’s forecast. And if you’re thinking of moving out of Verona, Zillow says that Salt Lake City, Utah, will be the hottest market in the country.

There’s only one new listing in Verona this weekend, two open houses, and one house with a price lowered over the holidays.

New Listings
44 Mountain Road: 4 beds, 2 baths. Family room off kitchen, hardwood floors. $549,500. Open house Sunday, 2 to 4 p.m.

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Open Houses
44 Mountain Road: 4 beds, 2 baths. Family room off kitchen, hardwood floors. $549,500. Open house Sunday, 2 to 4 p.m.
38 Mountain Road: 4 beds, 3 1/2 baths. Finished basement, central air. $749,900.

Price Changes
23 Parkhurst Place: 2 beds, 2 baths. Starter home with patio. Cut to $300,000.

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