I’ve been paying close attention to the 2017 housing market as the first quarter of 2017 comes to a close. After a review of several 2017 reports, I am feeling quite optimistic. I’d like to focus on one report in particular, Inman’s Special Report: 2017 Real Estate Industry Outlook, to help you get a feel for what we can expect on the Westside in the coming months.
Here are a few of the report’s highlights about the 2017 Housing Market that are great news for the Westside.
2017 Housing Market Optimism
- Optimism about the housing market in 2017 is very high
- More than half of the respondents feel that current governmental policies will have a positive effect on the US housing market.
- Nearly ¾ of those surveyed plan to expand their business in the coming year. This is good because business expansion often leads to housing booms.
- Top real estate companies almost unanimously feel that 2017 will be a great year for real estate
Interest Rates and Inventory
- Although interest rates will go up, people will be purchasing property to build wealth and create stability. Those that have been on the fence about buying and selling will kick things into high gear in hopes of getting ahead of much higher rates that come with a stronger economy. However, those with great low rates may be more reluctant to sell, meaning that inventory will be low. This type of scenario can lead to a seller’s market.
- Because inventory remains at historical lows, home prices will appreciate. We’ve seen this to be true on The Westside during this first quarter.
To sum it up, 2017 looks like it could round out to be a great year for real estate. If you would like to know more about the market in your neighborhood or how the market will affect your buying choices, please give me a call. I’d be happy to talk you through the Westside market.