You wouldn’t find many forecasts about the real estate market that go beyond 2016. But predictions and forecasts are exactly what give you an edge over the competition and a monopoly among customers. The two have extensively become a necessity for realtors recently. The ones with some crude idea of what to expect from real estate markets to come can make better, more informed business.
These forecasts about the real estate market in the year 2017 collected from top research and reporting companies are way too valuable to overlook. So, make use of the following predictions made by the NAR, Trading Economics, Forisk, and other expert real estate market researchers.
Predictions about US Housing
US housing units and resales are going to experience an uplift from2017 to 2020 assuredly, and
Since the Millennials are coming into their major ‘buying years’ up till 2030, sales of homes and condos will most probably continue to soar even beyond 2020.
The demand for new homes will outdo the construction of new homes and more and more renters will own their rental houses over the next decade.
Forisk Research proposed that US Housing starts will maintain their present position at 1.5 Million per year as long as 2024.
Eric Fox, vice president of statistical and economic modeling (VeroForecast) — The top forecast markets shows price appreciation in the 10% to 11% range. The top forecast market is Seattle, Washington at 11.2%, followed by Portland, Oregon at 11.1% and Denver, Colorado at 9.9%.
These economies have robust economies, growing populations and no more than two month’s supply of homes. In fact, the forecast of the Boston market increase sharply to 7.4% is due to reductions in inventory and unemployment. On the other hand, the worst performing market is Kington New York with 2.5% depreciation, followed by Ocean City, New Jersey at -2.1%, Kingsport, Tennessee at -1.9% and Atlantic City, New Jersey and San Angelo, Texas tied at -1.4%. — BusinessWire
Pantheon Macro Chief Economist Ian Shepherdson – Homebuilders behavior likely is a continuing echo of their experience during the crash. No one wants to be caught with excess inventory during a sudden downshift in demand. In this cycle, the pursuit of market share and volumes is less important than profitability and balance sheet resilience. — Marketwatch.
Mortgage rates are expected to stay low. With the employment graph getting steeper and steeper and wages climbing up the seemingly endless beanstalk, the market is all set for an exponential growth.
Not all is gold and glittering. Some forecasters are of the opinion that even though 2017 will be a great year for the real estate market; the market’s growth graph will moderate by the year 2020.
Whether the pessimistic forecast will prevail over the optimistic one explained above, we shall see. However, 2017 is going to be a fantastic time for real estate agents.
About the author: Rachel Stinson wrote this article on behalf of luxury apartments, Palm Jumeirah.