Real Estate
Housing Trends for 2017
If you're considering buying or selling a home in 2017, it's best to know what to expect as you dive into the market.
Here’s a look at what some experts are predicting for the coming year.
Mortgage rates are expected to rise
2016 saw record-low mortgage rates, but they started to climb after the election. Many experts predict that rates will continue to climb by up to half a percent over the course of 2017. If you’re looking to buy, act now to lock in the current low rates.
Home prices should see moderate gains
Home prices grew an estimated 4.9 percent in 2016, but that growth will likely slow in the coming year. Realtor.com predicts that home prices will slow in 2017, with gains of 3.9 percent year-over-year.
Find out what's happening in Tredyffrin-Easttownwith free, real-time updates from Patch.
Inventory will likely drop
2017 will continue to be a seller’s market, with inventory predicted to drop even further than 2016 levels. The construction of single-family homes hasn’t fully recovered since the recession, contributing to dwindling inventory in many of the country’s largest markets.
New home prices will increase
Zillow anticipates that the cost of a new home could rise in 2017 due to higher labor costs. The country could see a shortage of construction labor due to tighter immigration policies under a Trump administration, which could force builders to raise wages for construction workers. These costs would likely be passed on to consumers in the price of the home.
Find out what's happening in Tredyffrin-Easttownwith free, real-time updates from Patch.
“Surban” becomes the new mixed-use
Mixed-use developments have become more popular in recent years, but they’ll soon be displaced by the “surban” community. These are developments that blend the best of both urban and suburban lifestyles. The idea is that these communities allow their residents to walk to work and enjoy easy access to amenities like shopping and entertainment. They are designed to be inclusive and affordable and have strong public schools.
Growing families could benefit the most in 2017
For those buyers who want to trade-up into a larger home, 2017 may be your golden opportunity. Prices for smaller homes have outpaced their larger counterparts, and more inventory is available on the higher end of the housing spectrum. When selling, choose the best offer over a speedy sale. That extra cash will stretch further on your new home.
Thinking of buying or selling? Check out the latest listings at Caterson Advantage.
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