Wednesday, December 21, 2016

New Year, New Property Market

Are you thinking of buying or selling your home or asset, but don’t know if 2017 is an optimal time to do so? Between the uncertainty produced by the 2016 Presidential election and the high number of baby boomers and millennials projected to invest in the market, experts are expecting an interesting year. What does this mean for you?  

If you are attempting to make sense of the changes expected to occur in 2017, the Three Rivers Association of Realtors is here to help. Bearing this in mind, we would like to present some insight as to what the average buyer or seller can expect to experience next year.

·        Slow but steady wins the race: The real estate market is expected to remain steady through the upcoming year across the nation, but slight slowdowns are projected to occur with growth dropping by 1%.

·       Bigger is Not Always Better: Smaller homes have experienced a significant price rise in comparison to larger houses due to the lifestyle changes that many are experiencing. Millennials are moving out and babyboomers are newly empty nested parents are downsizing. Urban areas are also appreciating quickly
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        It’s all Good: In general, markets are currently doing very well and interest rates remain lower than average. Expert Rick Sharga estimates that Trump’s presidency will provide some credit relief to the average home buyer, consequently making it more readily available to home buyers.

·       Making Room for the New: Not only is millennial home buying expected to increase but experts are already beginning to think about generation Z (born 1995-2012). Although this generation will primarily consist of teenagers in 2017, it is foreseen that they will begin saturating the market within the next several years.

The trends of 2017 have a plethora of implications for a new direction in the real estate market and for our economy in general. Whether buying or selling, the Three Rivers Association of Realtors will ensure that you are never left in the dark, and we are here to assist you in making the most out of your housing experience. Visit our website today for more helpful tips and information.