The real estate market is a liquid thing; it's constantly shifting and moving. In 2017, it is expected to be no different. But, there are some factors that are shaping up to solidify, thus allowing experts to make their new homes forecast.
If you're planning on moving into a new home this year, then here is what the experts are forecasting for the housing market in 2017.
The western part of the United States is shaping up to lead the real estate market in 2017, especially western metro cities. Homes in those areas are expected to have a price increase of 5.8% and a sales increase of 4.7%. In comparison, the rest of the country is expected to average a home price increase of 3.9% and a sales increase of 1.9%.
According to Realtor.com, the top ten metros in 2017 are expected to be:
In 2016, home ownership bottomed out at 62.9%, but in 2017, home ownership is expected to stabilize at 63.5%. New home sales are expected to grow by 10%, while new home construction is expected to increase 3%.
With 2016 being an election year, the housing market experienced a 40 basis points increase in rates immediately after the election. This resulted in interest rates being raised. And, with more than 95% of first-time home buyers relying on financing their home purchases and a majority of potential home buyers having one or more financial challenges, the increased interest rates may be too much for them to overcome, thus reducing the number of qualified buyers this year.
With the rise in interest rates, 2017 is set to see a changing buyer demographic and this will impact the year's housing trends. The top five housing trends expected to affect the market this year include:
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Southland Custom Homes builds in the following locations: