Real Estate Transactions and Prices to Increase

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The Federal Savings Bank and real estate professionals alike are optimistic about the housing market in 2013. The bank encourages potential homeowners to get pre-approved for a mortgage now.

VA and FHA home loans at The Federal Savings Bank

The Federal Savings Bank

Four out of five real estate professionals expect to see a rise in property values and activity in 2013.

The Federal Savings Bank and real estate professionals alike are expecting the housing market to continue showing signs of improvement over the next several months. A recently released nationwide survey from Market Leader, gives details on housing expectations.

The results of the survey (which included over 2,400 real estate professionals) showed that four out of five real estate professionals expect to see a rise in property values and activity in 2013. Eigthy four percent of these professionals expected a rise in real estate values this year over 2012, whereas one-third of real estate markets were forcasted to decline in value last year. The survey revealed that the current housing market is far more optimistic than it's been in the past several years.

"Most loan officers are expecting to see as great of a rise this year as we saw in 2012," says Nick, a bank at The Federal Savings Bank. "With unemployment on the decline and mortgage rates at decade lows, more individuals are able to afford a home which has led to more bids on home listings to keep pushing property values higher."

The housing markets that were voted as the best for 2013 included Austin, Texas; Fort Myers - Naples, Florida; Kansas City; Salt Lake City and Houston. These markets are expected to see a further increase in prices through 2013.

Since mortgage rates are consistently changing, and could rise significantly at year end if unemployment declines to 6.5%, one should make sure they are pre-approved now to cut down on the amount of time needed to secure a mortgage loan. Getting pre-approval may also decrease the number of inquiries on your credit score. Further, a potential homeowner needs to be pre-approved if they want to grap a listing opportunity for a property of desired.
Another suggestion is to consider the possibility of maintenance fees going up. Once there is a problem in the home, you'll have to find some way to pay for it, so first-time homebuyers setting up an account they use for emergency purposes is important. For more information regarding the mortgage application process, or to get pre-approved now, please visit: TheFederalSavingsBank.com

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