Trends and Predictions for the 2017 Real Estate Market
With 2016 and the holidays now in the rear-view mirror, it’s time for you to begin establishing, focusing and achieving your goals for 2017.
Is this the year you close your first million-dollar listing? Is 2017 the year you finally launch a custom-designed website that’s user-friendly and packed full of awesome information for your clients whether they’re on mobile or desktop?
Whatever your goals might be over the next 12 months, they’re sure to be impacted in some capacity by trends and predictions for the coming year. Here are just a few of the prognostications for the 2017 real estate market by some of the best and brightest experts in the industry.
Chris Matthews –
“In December, the Federal Reserve raised interest rates for only the second time since 2006, and a majority of the members of the Fed’s rate-setting board predict there will be three more increases coming in 2017. These decisions will cause mortgage rates to rise, potentially making it more difficult for prospective homebuyers to be able to afford the home of their dreams.”
Ilyce Glink – CBS News
“As the oldest of the millennials push into their mid-30s, many will start to settle down and buy houses. A number of factors are contributing to this generation’s decision to start buying homes. More jobs are being created for 25- to 34-year-olds than any other age group, and wages are rising. Millennials are also reaching an age at which they’re thinking about marriage and children.
Baby boomers, the oldest of whom are entering their late 60s, are also looking to move as they reach their retirement years. In the last several years, baby boomers’ participation in the housing market has dwindled. Many already own homes and may have been reluctant to sell until their properties recovered the value they lost in the housing bust.”
Beth Braverman – The Fiscal Times
“It’s easier to get a mortgage now than at any time in the past eight years. That reflects an increased availability of both jumbo loans and low down-payment loans. Banks may also be more willing to work with borrowers over the next few years as they look to make up for a decline in refinancing business when interest rates go up.”
Kelsey Ramirez – HousingWire
The hottest real estate markets for 2017 will include Phoenix, Los Angeles, Boston, Sacramento and Riverside.
Tawd Frensley – PropertyMinder
“As it becomes more difficult for buyers to purchase homes due to higher interest rates, I believe every agent should turn their attention to the homeowners they know. If you were to refer back to what Glink and Braverman stated about Baby Boomers, refinancing will not be much of an option in 2017. The only real way to free up cash for retirement will be to sell. Reach out to every 55-plus-year-old homeowner you know and make yourself top-of-mind when they make the decision to sell. You can’t make someone sell, but you can make them remember you first when they make that decision.”
PropertyMinder is here to help
Want to learn how PropertyMindrr can help you stay one step ahead of the curve in 2017? Check out our video below to learn a bit more and then take AccelerAgent for a test drive for free today. It’s our impact product that will help you adapt to the constant fluctuations of the industry.
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