2017 Real Estate Market Predictions
Predicting what will come in the next year, is just that, a prediction. The future is never set in stone. This is no more true than with the real estate market across the country. We can predict and foresee what we think will happen, but the complete opposite could end up happening. And, a new President makes it even harder to determine what will occur in the real estate market in the coming year. None the less, here are several predictions of the 2017 real estate market:
Big Buyers – Millennials and Baby Boomers
Slight Increase in Home Values – In 2016, national home values rose by about 4.8 percent. Experts predict that home values will continue to grow in 2017, but slightly less than in 2016. The increase in home values in 2017 is predicted to be around 3.6 percent.
Move for Affordability in the Suburbs – After the market crash of 2008, many were able to move back to the city and take advantage of lower housing prices than before. However, with the market finally stabilizing, experts predict we will see a trend of individuals moving out of the city to the suburbs for more affordable housing options.
Price Increase in New Home Builds – With a shortage of labor in the construction industry, experts predict the value of new home builds will increase in 2017. This lack of labor is forcing builders to pay higher wages to employees to be competitive.
Millennials Settle Down in Midwest – Experts predict that more Millennials will decide to stay and settle down in the Midwest. Predicted favorite spots include Madison, Wisconsin; Columbus, Ohio; Omaha, Nebraska; Des Moines, Iowa; and Minneapolis, Minnesota. While experts do predict more Millennials to settle down in the Midwest, they do not foresee an increase in Millennials moving to those cities.
West Coast Prices Continue Upward Trend – The West Coast states are already some of the most expensive states in the country, and it looks like they'll continue their upward trend in 2017. Why are the West Coast states the place to be? Where there is job growth, there is an increase in population! Since the 2008 recession, the Western States have seen the most significant job growth, and most have been outperforming the Eastern States.
Improved Rental Affordability – According to Zillow, rental rates are predicted to increase by only 1.5 percent in 2017. This decrease in the increase of rental prices is the result of an increased supply of apartment buildings and rental units around the country.
Increase in Mortgage Rates – Since the 2008 recession, the country has seen some of the lowest mortgage rates in history…and even more than that, the low levels stuck around for several years. However, this looks to change in 2017. As the market normalizes, mortgage rates will start to increase. So, if you’re considering purchasing a home in the next year, act now when mortgage rates are lower!
Remember, these are just predictions for the upcoming year. It is uncertain what the real estate market will do in 2017 – we will just have to wait and see!
Do you have any questions about the real estate market in Round Rock? Give me a call. I would love to answer any questions you may have.
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