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2013 Market Recap in Real Estate

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As the economy is limping along towards signs of recovery, the real estate marketing has been showing strong signs of recovery. Sales across the country in 2013 were up from 2012. In Las Vegas, the market experienced 27 percent appreciation in just 12 months. Appreciation was robust partly due to the lack of housing inventory and partly due to the decline in bank owned homes available for sale.

Interest rates stayed low through much of the year and then went through an uptick at the end of 2013. Today's rate for a 30-year fixed mortgage has come back down some to 4.5 percent.

One factor that should bode well for home sales in 2014 is pent up buyer demand, especially by young households. Traditionally, statistics showed a homeowner would move every 4.9 years. That figure has jumped dramatically to every nine years. Also, as adults under 35 start to move out of their parents' homes, home sales should stand to benefit.



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