What can you expect from the 2017 real estate market? We’ll go over a few important things about home sales, interest rates, and housing inventory today.
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What can you expect from the 2017 real estate market?
According to the National Association of Realtors, 2017 homebuyers are still very confident in their ability to buy a home. Buyer demand remains strong as well.
In 2016, there were 5.42 million home sales, the highest we’ve seen since 2006 when 6.5 million homes sold. Our market is recovering well. In 2017, we should see 2% growth, or 5.52 million sales.
That said, there are a number of factors that will impact home sales this year.
For instance, there are a couple of things that will help keep the buyers in the market: interest rates and expected job growth. Interest rates are expected to increase, which means buyers will want to purchase before buying a home gets too expensive. That said, we should see a couple million new jobs in the market, which will help buyers tremendously.
Our market is in desperate need of more inventory.
Not only that, millennials are expected to enter the market in a big way this year. Millennials are finally ready to make a home purchase.
One thing our market desperately needs is more inventory. If you’ve been thinking about selling your home, stop kicking tires and enter the market. Now is a great time to put your home on the market.
That said, if interest rates go up more than expected, some sellers may decide to hang onto their homes a little longer. If you refinanced your home recently, you might not want to re-enter the market with a higher interest rate. That could be why inventory remains so low.
If you have any other questions about our current market or about buying or selling a home, give us a call or send us an email. We would be happy to help you!
