Experts have weighed in and one thing is for sure: The housing market is set to heat up this year!
Prices are almost at a pre-recession highs!
Nationally, the market is expected to normalize with healthy sales and moderate price growth.
However, some experts predict modest price declines because wages aren’t keeping up with home prices.
The median home price has increased 43% from 2010, while wages have only increase 5%
Home sales are expected to increase!
Existing home sales are expected to reach 6 million, up from 5.8 million in 2016
Projections for total single family home sales for 2017:
- National Association of Realtors 6 million
- Fannie Mae 6.2 million
- Freddie Mac 6.2 million
- Mortgage Bankers Association 6.5 million
Housing appreciation is up!
Most markets report an increase in home appreciation, with the increases hitting near 10% in the hottest markets, which have growing populations and tight supply.
Top 3 Markets for Home Appreciation:
- Seattle, WA (up 11.2%)
- Portland, OR (up 11.1%)
- Denver, CO (up 9.9%)
Make way for first time buyers!
Millennials are expected to strengthen home and condo sales into 2020. Sales by first-time-buyers reaches a four-year high in September at 34%.
Rent will keep getting higher!
Rental affordability is one of the biggest factors for first-time buyers deciding to buy.
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