Every year brings with it changes in every sector. The real estate sector is one of the most carefully reviewed sectors, given its effect on many other sectors of the economy. Here are some of the most important trends to anticipate in 2017 according to the country’s experts.
Home values
In terms of home values, it is anticipated that growth will be high, but not as much as in 2016. Income growth and the slowdown of rent appreciation will make things easier for renters. However, those looking for affordable housing options will likely be pushed further away from the competitive areas, leading to more people driving to work. According to expert analysis, 2017 will come with a string buyer interest and modest inventory increase that will be the catalyst for the growth in home values. The housing market is generally divided into three sections according to affordability, the most affordable third, moderate and the most expensive third. As 2016 ends, there has not been much in terms of supply increase in the most affordable lower third, meaning most of the growth in 2017 will be in the most expensive third. This is perhaps why growth will not be as robust in 2017 as it has been in 2016.
Fastest year
Those interested in Real Estate In Crested Butte, CO might be interested in this one. According to surveys, 2016 has seen homes stay on the market for an average of 52 days. In 2017, the number of average days is expected to reduce even further. This will make it the fastest real estate year on record.
New construction
New construction is one of the traditionally important areas of any real estate industry survey. Going into 2017, it is expected that growth of new construction will slow down. The rates will be much lower than historical averages because of labor shortages. The labor situation will especially be worse given the direction immigration policy is likely to move in 2017. Almost 25 percent of construction workers are foreign born.
Other important expectations include the fact that mortgage rates are also likely to increase.
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