2017 Real Estate Trends

calculating real estate trendsWith 2016 behind us, you are likely wondering what is in store for the 2017 real estate market. Should we expect a steady market or a volatile one? Will it be a good year to buy or sell? Or will it be better to stay put?

These 5 anticipated 2017 real estate trends will help you decide how to handle this year’s market:

1. Mortgage Rates
Since mortgage rates steadily rose in late 2016, they are likely to continue increasing in 2017 presuming the economy holds strong. The Washington post offers more information on what to expect from mortgage rates in 2017.

2. New Construction
Despite a small slow-down in November 2016, demand for new housing stock remains strong. Expect to see even more construction in 2017 for as long as credit is lenient and wages are strong.

3. Warm but Not Hot
Particularly in the Bay Area, home prices soared in 2016. Will home prices continue to rise this year? According to CBS News, the answer is yes, but they won’t increase as rapidly.

4. Welcome to Surban Living
As urban and suburban lifestyles continue melding together, look for a new term to describe urban-suburban living: surban. Marketwatch describes surban living as suburban-style housing with nearby amenities such as grocery stores, cafes, and parks.

5. Gen Y and Gen Z Buyers
Millennial home-buying is expected to rise in 2017. And believe it or not, it’s time to start watching Gen Z too. Gen Z begins turning 18 this year and this is a segment of the population who values homeownership. Be on the lookout for trends among young buyers and potential buyers!

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