Like it or not the environment that we currently live in is one that thrives around the infusion of technology including the real estate market. 2017 is predicted to be a dominating year for real estate. It is expected that homes will spend less time on the market now into the future than any other time in history. With advancements in technology surrounding the real estate market all aspects, from finding a home to applying for a mortgage are sure to take less time than ever before.
2017 Real Estate Predictions
- The speed at which houses sell will increase, the housing market itself will continue to grow but the rate at which this occurs may slow a bit. The reason for this is due to the decline in affordable houses available to those families living within the median income level. It is forecasted that the availability of affordable homes will continue to decline.
- Real estate professionals and contractors alike believe that the growth of new construction homes will begin to slow into 2017. There are a number of reasons for this including a shortage of skilled construction workers. This will ultimately affect the number of affordable starter homes thus leading to an increase in the price first-time home buyers can expect to pay for a new home.
- With a new president elect set to take over, the economic climate is set to change. Mortgage rates will see a slight hike but should not climb much over four percent. We should see economic growth and continued inflation which will help to keep rates low throughout 2017.
- Home loans will become more accessible. Mortgages requiring as little as one to three percent down will be introduced within a variety of financial institutions and Fannie Mae and Freddie Mac will increase the size of the loans that they will back.
- Growth in real estate in larger cities will take a back seat to the growth seen in second-tier cities. Commuting into larger metropolises while living in outlying locations will lead a trend in new construction in suburbs.
The concept of moving now-a-days is much different from the past. It used to be that homeowners would own one or two homes in their lifetimes. It was important to stay put, build roots and create memories. Today, with real estate technology easing the transaction more and more people are moving to upgraded homes instead of upgrading the home they live in.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.