6 Real Estate Predictions for 2017

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Filed under: Market Comentary

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With the New Year upon us and a new president being ushered in about 3 weeks, many are wondering what might be in store for the Real Estate market in 2017.

Here are some bold predictions based on the thoughts and opinions of the country’s leading experts.

 

Home Values will Continue to Increase

Most experts agree that home values will rise, although most likely at levels slightly below the nearly 5% we saw in 2016.

New Homes Will Be More Expensive

With the rise in construction costs, especially labor costs, expect an increase in the price of a brand new home.

Millennials Will Flock to Cities in the Midwest

Realtor.com reports that due to the large number of Universities throughout the Midwestern States, we’ll see more and more millennials settle in America’s Heartland.

West Coast Prices Could Soar

Demand is still high for housing in cities such as Seattle, Portland, Denver, Phoenix, and San Diego.  Currently, most Western states are out performing the East.

Rents Will Increase Slightly

Zillow.com predicts that rental rates will rise about 1.5% in 2017.  A smaller gain than we’ve seen in previous years, but an increase nonetheless.

Mortgage Rates Will Increase

This shouldn’t surprise anyone.  We’ve been at historic lows for years now and we’ve already seen things begin to migrate in an upward direction.

 

If you have any questions or need assistance, please feel free to contact me!

 

 

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