When you have a question, ask an expert. So I did.
I asked Kelly House, who is a Senior Home Sale Counselor here at Plus Relocation who supports companies and their employees with the process of selling and buying real estate, "what should we expect in 2017 on the real estate side"?
He told me that he had just read a great article that provided 9 really great real estate trends to expect in 2017 and he sent me the following article because he knew I would forget at least 7 of them before I got back to my desk.
This link will take you to these trends:
1.) Millennials and boomers will become buyers (ages 25-34).
2.) Home values should increase about 3.6% in 2017. Down from 4.8% in 2016.
3.) More buyers will look in the suburbs to find affordable housing.
4.) New construction homes will be more expensive due to labor shortages.
5.) Millennials will move to the Midwest opposed to traditional coastal locations.
6.) West coast homes will continue to increase due to low inventory.
7.) Cities will focus on smaller homes near public transit.
8.) Rental rates will increase by 1.5% in 2017 making it more affordable.
9.) Mortgage rates are on the rise in 2017.
Then in a recent article by Samantha Sharf of Forbes Magazine entitled, "Housing Outlook 2017: Eight Predictions From The Experts"...
They offered that:
1.) Prices will continue to rise--but more slowly.
2.) Affordability will worsen as the year continues.
3.) Mortgage rates will be volatile.
4.) Credit availability will improve -- maybe.
5.) Supply will improve but remain short.
6.) More millennials will become homeowners--and renters.
7.) Competition will grow fiercer.
8.) Political uncertainty will be replaced with policy uncertainty.
On top of those, Cicely Wedgeworth of realtor.com offers up 5 additional trends:
1.) Millennials and boomers will move markets.
2.) Millennials will look to the Midwest.
3.) Price appreciation will slow down.
4.) Fewer homes, fast-moving markets.
5.) The West will lead the way.
What is that....9 + 8 is 17 + 5 more = 22 trends?
Read on for the details and consider how some of these U.S. real estate housing trends will impact relocating employees as we get closer to the upcoming "spring market".
According to the forecast, the 2017 national real estate market is predicted to slow compared with the past two years, across the majority of economic indicators studied. But maybe “slowdown” isn’t quite the right description.“I would characterize our 2017 forecast as a moderation, as opposed to a slowdown,” says Smoke. “The pace of growth is still strong and, for pricing, still represents an above-average level of appreciation.”Smoke says we’re mostly reverting to normal prices, after years of appreciation as the housing market recovered from its 2008 crash.Recovery is good, but the flip side is that pricing is tougher for consumers, Smoke points out.