2013 started out as a strong year for real estate, but has slown down in the last few months. Real estate attorney and author Shari Olefson believes that the momentum has slowed. Next year looks more promising for buyers than sellers, with only 3-6% increase in prices, down from this past year's 10% increase.
The fact that sellers may not receive the price they would like to for their home may keep more properties off the market, but there are other factors as well. About 15% of sales recently have been distressed sales, and with the expiration of the Mortgage Debt Forgiveness Relief Act more would-be sellers may choose to keep their homes off the market for the time being.
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