The year is coming to a close and with that, a lot of people want to know where the Housing Market is heading. The 2017 housing market will feature a slowing down of sorts, yet maintain moderate growth, set against the recent historical election and most recent interest jump.
prices are predicted to move upward around 3.9% and existing home sales will move upward of 1.9%. Due to the relative unknowns of a Donald Trump administration, interest rates are expected to reach 4.5% because of potential inflation pressure in the upcoming year.
Younger adults are finally beginning to settle down and deciding to buy a home after a difficult start to their careers following the Great Recession. According to the Joint Center for Housing Studies of Harvard University, ““The millennials are now adding to the ranks of renters and will eventually spur demand for first-time homeownership. As the oldest members of this generation turn 30 this year and the economy continues to recover, that demand should begin to emerge more strongly.”
Whether buying or selling the market looks to be stable as it enters a new stage in 2017. While no one knows for certain the future of the housing market, it’s safe to say things are looking up.