With the new year fast approaching and a new President-Elect promising market friendly policies (that will put more disposable income in American’s pockets ), we thought we’d do a round-up post featuring a few authoritative sources around the web reporting on real estate trends to watch in 2017. Here are the few sources we found:
The Fiscal Times report that the experts they interviewed cited price as the number one trend to watch in 2017. They report, “Rising prices will keep pushing up homeowners’ net worth. After a 6.3 percent increase over the past year, home prices are poised to rise another 5.2 percent through September 2017, according to a recent report from CoreLogic. Rising prices have doubled the amount of home equity held by Americans with the average homeowner gaining more than $11,000 in home-equity wealth last year alone. If home prices continue to increase as projected, Americans would add $1 trillion in home equity to their collective balance sheets next year…” READ MORE
Should first-time home buyers buy now or wait? According to the several experts (Nela Richardson chief economist for Redfin and Rick Sharga of Auction.com) The Mortgage Reports report Richardson expects 2017 will bring a more normalized housing market — one that still boasts a healthy number of sales but a moderate rate of price growth. “According to a recent survey of Redfin agents, 54% predict prices will rise somewhat next year and 36% predict prices will level off,” says Richardson. Ask Rick Sharga, executive vice president of Ten-X (previously Auction.com), and he’ll tell you that home price appreciation is likely to slow down next year, “although we’re still likely to see at least a 3 to 4% year-over-year increase,” he says. “In 2017, we’re also projecting another modest increase in total home sales,” Sharga continues. “However, three headwinds continue to challenge the housing market’s recovery — tight credit, limited inventory, and rising prices, which are beginning to create some affordability problems in certain markets.”READ MORE
Finally, RIS Media reports that the defining trend for 2017 will be shaped by cities who meet economic and distinct livability standards. They report, “Real estate in 2017 is to be shaped by cities that meet not only the economic standards of a sustainable market, but also the demand for distinct neighborhoods within those markets. This is according to the Urban Land Institute’s (ULI) and PwC’s latest report, “Emerging Trends in Real Estate® 2017,” which analyzes trends-to-come in both the U.S and Canada housing markets. Ten “gateway” markets, as defined in the report—those with both a diverse economy and “niche” neighborhoods—will stand above the rest…” READ MORE
Trends for our local market are not yet available. We anticipate our local MLS will be releasing their year end data soon. So, what do you think of the trends mentioned? Comment below or reach out to us on social Facebook or Twitter @neuserealty and give us your thoughts?