Most Real Estate experts see a strong year ahead for the US housing market this coming year. Predictions are for existing home sales at 6 to 6.5 million in 2017. And we’ll see more renters becoming homeowners over the next decade.
Interest in rental income investment and apartments is particularly strong now in some states and the outlook is more positive than ever. US Housing stats are forecast to grow strong this year and next, particularly single family homes that will rise about 30%. Prices will rise to 2020 and construction spending will grow through 2020.
Mortgage rates are forecast to stay historically low. Yet, mortgage rates recently have risen above the 4% mark and homeowners are locking in their home loans at the 30-year period. Economists see that lending requirements are expected to be eased and land opened up for development, which should stimulate home purchases. With employment growing and wages moderating upward, the market is set for growth in 2017.
Mark Boud, chief economist at Real Estate Economics, predicts a three-year run of double-digit gains in metro-Denver home prices while Nela Richardson, chief economist for Redfin, expects 2017 will bring a more normalized housing market - one that still boasts a healthy number of sales but a moderate rate of price growth as cited in themortgagereports.com. “According to a recent survey of Redfin agents, 54% predict prices will rise somewhat next year and 36% predict prices will level off,” says Richardson.
Considering these housing market forecasts, many professionals say it’s wise for prospective Denver home buyers to think about purchasing relatively soon as mortgage interest rates remain low and housing prices are rising. It was said that it’s still a great idea for first-time buyers to purchase now, because most are paying high rents and need the tax write-offs that come with owning a home. Additionally, waiting for real estate prices to go lower really isn’t a good strategy and it’s more likely that home prices will continue to go up over time and that interest rates will continue to rise.
If you have any questions, feel free to contact your local metro Denver real estate professionals, The Bandy Team! Our team will guide you through all phases of the home buying and home selling process in Denver. Let us show you homes in some of the fine communities of Parker, including real estate in The Pinery, homes in Canterberry, or property in Stonegate.
We are here to help you find your dream home and will guide you every step of the way!
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Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows
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