5 Real Estate Trends That Will Shape 2017
February 2, 2017
Realtor.org just released a list of trends that they are projecting will impact real estate markets in 2017. We pulled out some of the highlights to share with those considering a moving across town or across the U.S., as it might impact your buying and selling strategies.
- Interest rates are on the rise
Just as we said goodbye to 2016, we can also say goodbye to the lowest interest rates in years. Interest rates have already shot up 40 basis points, since Trump’s election. The outlook is uncertain as far as how his presidency will affect interest rates throughout 2017.
- First Time Homebuyers Will be Impacted
Because 95% of first time homebuyers will finance their home purchase, these rising interest rates may price some people out of the market.
- Markets to Slow
Although, the word slow-down is a strong word – experts at realtor.com say it’s more of a “moderation”, because the pace of growth is still strong and, for pricing, still represents an above-average level of appreciation.
- Millennial and Boomers Will Move Markets
The millennials and baby boomers, the two largest generations in the history of the U.S., are both approaching life stages that may require a change in household. Realtor.org predicts that millennials will make up 33% of the buyers in 2017.
Millennials Will Look to the Midwest
If the interest rates are making home buying a stretch for millennials in larger cities, the Midwest – with it’s affordable housing, will be a draw. Cities like Madison, WI, Columbus, OH, Omaha, NE and Des Moines, IA are projected
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