The end of 2016 is just a matter of weeks away and, just as we have come to expect this time of the year, real estate analysts have begun making predictions about what could be in store for the 2017 real estate market. Many of these professionals and experts have similar expectations for the upcoming new year; some are based on anticipated changes that may be be ushered in as our new president takes office in January.
Housingwire.com journalist, Kelsey Ramirez, published a list of predictions made by Zillow. Among the expectations for the 2017 real estate market that made this list: increased development of smaller homes located closer to urban areas with access to public transportation, an increased of number of millennials purchasing homes, an increase in the affordability of renting, and an increase in the cost of building homes.
Another Housingwire.com article written by Ben Lane details some predictions made by Redfin. Lane indicates, “according to a new report from Redfin, homes will fly off the market in 2017, faster than any other year on record.” Another prediction on the Redfin list is an expectation that the housing market growth will continue, but at a slower pace than we saw in 2016. The company also predicts an increase in mortgage rates, yet do not expect a significant increase.
Read the entire article and find links to additional 2017 predictions.