If you are looking to buy or sell your property, it’s important to look at what might be happening in our market in 2017. There are three things that are going to influence that 2017 market.
The first is low inventory. Over this past year, the market has benefited sellers majorly because of low inventory, and we are going to continue to see that in 2017. This is mostly because home builders have not been able to keep up with demand.
Interest rates will be a big factor as well. If you take a look at the chart, we can all agree we are at historic lows for interest rates, but we are going to begin to see increases in those rates. The short term will get a lot of buyers off the fence, but be cautious. Some areas have had rapid appreciation over the last two years, and it could affect your affordability. You want to pay attention to interest rates and how they affect your property value.
Lastly, availability for mortgage credit will shift in 2017. According to the next chart, you can see that we are at an all-time low of availability for mortgage credit, but there has been a lot of talk about deregulation and new mortgage products coming on the market. Make sure you watch for those.
Again, no one has a crystal ball. For a free personalized valuation on your property, or for any other real estate needs, please reach out to us. We would be happy to help!