After year of struggles, the housing market roared back to life in 2013. The rebound will continue in 2014. The pace will slow due to low inventory on the market. 

Out of Country buyers with CASH will benefit the most as they have greater bargaining power with CASH. The mortgage market is difficult to navigate, but a cash closing is fast and easy. 

Experts say 2014 will be a year of continued growth and stabilization in the housing market with rising home prices, fewer foreclosures and greater activity among underwater homeowners. But this year’s market faces strong headwinds as inventory remains tight and both homebuyers and builders face tough lending standards. 

Related: 5 Money-Saving Tax Tips to Make Right Now 

To buy a home in today’s market, you either need impeccable credit or the ability to make an all-cash purchase. The average FICO credit score on conventional loans used to purchase homes in November 2013 was 756, according to the most recent data from Ellie Mae, a company that produces mortgage underwriting software. The average score for denied applications was 729. 

"To put that in perspective, the normal average acceptance score historically is around 720," says Walter Molony, a spokesman for the National Association of Realtors (NAR). "Right now, the average rejection score is now what the acceptance score was historically." 

Don’t expect credit standards to ease up any time soon. This month, new Dodd-Frank regulations aimed at preventing risky borrowers and equally risky mortgage products from entering the market take effect. The new changes require lenders to closely evaluate such factors as a borrower's debt-to-income ratio, employment status, income, assets and credit history before underwriting a loan. 

Home Prices Continue to Climb as we sell the low inventory of properties listed for sale. 

In addition to tight credit, rising interest rates and home prices may discourage buyers from purchasing in 2014, says Jed Kolko, chief economist for Trulia.com, the real estate site. 

This also discourages sellers - as they know when they sell, they will face the same challenges of buying another home. 

Average 30-year mortgage rates bounced from 3.34 percent last January to their current 4.48 percent rate, with many expecting further increases of up to a full percentage point in the New Year.