In Chinese culture, 2017 is the Year of the Rooster. It is a year predicted to be challenging, but rewarding to those who work hard. While no one can predict the future, a recent Forbes magazine article predicted the same may be true for those in the housing industry in Colorado Springs and all across the country.
Here are 6 things housing experts expect to see in 2017 as reported by Forbes:
Prices rose throughout 2016. Experts expect prices will continue their climb, but gains will slow.
Earnings are expected to grow in America’s big cities, but the number of affordable homes is not. There is expected to be a continued shortage in low- to moderate-priced inventory and rising mortgage rates which may keep some from buying.
By historic standards, rates are still low. In 2017, experts expect movement, but differ on where the 30-year fixed rate will land. Estimates range from between 3.75% and 4.6%, which is not very far from where it is today.
Homebuilder sentiment picked up late last year. Meanwhile, strong demand should also encourage building. Construction, however, is unlikely to improve the affordability picture because there is a growing premium for new homes.
It is clear that Millennials will continue to make up a large and growing portion of the buyer pool. Of course much of this is due to the fact that Millennials–adults born after 1980–are now the largest adult generation and make up the greatest percentage of the workforce.
In 2017, sellers will maintain the edge over buyers as demand is expected to increase. Experts predict that homes will be on the market for 52 days or less on average in 2017.
What does my fortune cookie tell us about 2017? “Only time will tell.” In the meantime, I hope you’ll give me a call at (719) 447-7915 if you’d like to talk housing this year! I look forward to working hard for you!Questions? Contact The Shane Ray Team Today!