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As the 2014 spring season buying begins, there's a odd scenario confronting the housing market, in which there are not enough properties to be found on the market and buyers cannot manage the listings that are now there. The 13.4% rise in average property prices recorded in the last year has not convinced more homeowners to sell. Nevertheless,higher mortgage rates together with the higher costs means that first-time buyers and all-cash investors can't afford to buy homes. This uncommon predicament means that the real estate market is still struggling towards well-being five years following the end of the recession.
High-end properties are becoming a better marketplace for investors at the moment. While lower-end properties valued at less than $100,000 found their growth fall 18%, Bank of America Merrill Lynch data showed that high end properties priced at over $1 million experienced growth in excess of 14% over the previous twelve months. High end house prices also found considerably higher increases. Properties worth $305,700, which make up the top third of the marketplace according to Zillow, saw average annual increases of 3.38% over the past eighteen years. This was 20% higher compared with the increases found by the bottom two-thirds of the market.
Commercial property transactions are estimated to grow during the following two years, according to a report by Ernst & Young and the Urban Land Institute, that will surpass quantities reported in 2008. Transaction values will reach $230 billion by 2016, predicated in the prediction, making the property outlook more optimistic than last fall's. Expected on-going developments in the usa economy are expected to support the overall positive outlook for the property markets. The commercial property market is observed to enjoy 9.4% total annual returns in 2014, of which the industrial and retail building sector will do better than average. A new outlook by Ernst & Young and the Urban Land Institute said that commercial property trades will rise over the following couple of years to surpass quantities recorded in 2008.