Five Real Estate Trends That Will Shape 2017

According to the housing forecast, the 2017 national real estate market is predicted to be moderate compared with the past two years, across the majority of economic indicators studied.  Here are some of the key predictions for 2017 from Realtor.com:

 

  1. Millennials and boomers will move markets
  • Both the Millennials and baby boomers, which are the two largest American generations in history, are approaching life stages that typically motivate people to buy a home: marriage, having children, retirement, and becoming empty nesters.

2. Millennials will look to the Midwest

  • Midwestern cities will continue to beat the national average in terms of its proportion of millennial home buyers in 2017.

 

  1. Price appreciation will go down
  • Nationally, home prices are forecast to slow to 3.9% growth year over year, from an estimated 4.9% in 2016.

 

  1. Fewer homes, faster moving market
  • The inventory of homes available for sale is currently down an average of 11% year over year in the top 100 U.S. metropolitan markets—and the conditions limiting home supply are not expected to change in 2017.

 

  1. The West will lead the way
  • The metropolitan markets in the West are expected to see a price increase of 5.8% and sales increase of 4.7%, much higher than the U.S. overall. On Realtor.com’s 2017 top housing markets, five of the top 10 markets on the list are Los Angeles, Sacramento, and Riverside in California; Tucson, AZ; and Portland, OR.       *Courtesy of realtor.com

 

 

 

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.