What’s Happening With Our Market?

We’re here in our brand new space bringing you our 2017 real estate market predictions.

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We’re here in our new location ready to share our 2017 market predictions. The three main topics we get asked about are rates, affordability, and availability, so we’ll cover those in detail today.

First, even though we have been predicting higher interest rates in the last few years, rates have stayed pretty low. However, it looks like that trend might be over. There won’t be a huge jump in rates, but there will be an increase over the course of 2017. Rates should stay below 5%, but make sure to watch them as they affect your affordability.

Appreciation is also a hot topic, as people want to know if the value of their homes is going to go up in 2017. In our area over the last few years, we have seen very aggressive appreciation. However, that has begun to slow a bit. Price increases are still great at 4% to 7% year over year, but keep in mind that appreciation won’t be as aggressive as it’s been in the past. Investing in real estate is still one of the best decisions you can make.

Finally, the subject of availability is brought up a lot these days, as we see a trend of low inventory nationwide. Availability is referred to in terms of months worth of inventory in the real estate market. Basically, if no more homes came on the market, availability is the
number of months it would take to sell all the homes currently on the market. Low inventory can generate frustrated buyers as there is less to choose from on the market. However, low inventory is also why we have seen more new construction, which should help offset the lack of resale homes on the market.

2017 will be a great year to take advantage of our market.

Whether you’re looking to buy for the first time, downsize, upgrade, or make a real estate investment, 2017 will be a great year to do all of those things.

If you have any questions, please feel free to give us a call or send us an email. We would be happy to help!

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