Are you ready for 2017?

By
Real Estate Broker/Owner with American West Realty & Management 12599

Merry Christmas!

We hope you were able to spend time with family and celebrate this important day. It looks like I'm working but kids are playing with toys and Angie is working on a puzzle and watching a movie, so I'm sneaking in a couple more blogs before the week ends.

REAL ESTATE FORECAST

Nobody has a crystal ball but we can make some educated guesses (some of us less educated than others). Here are some of my predictions for real estate in Cody Wyoming and Powell.

  1. Strong sales. Last year was really good, particularly for lower-priced homes. A lot of first-time home buyers and investors ate up the inventory. Upper-priced homes were still a little slow due to an increased inventory after oil took a hit. Expect oil (and other businesses) to make a big comeback in 2017 which should help move some of the remaining inventory.
  2. Strong rentals. The rental market took a big hit in 2015 when oil left and we haven't recovered. We expect that to turn around for the same reasons mentioned above. In fact, I expect the demand to come back stronger than it was prior to the collapse, helping drive rent rates higher.
  3. Rates increasing. I've been saying rates were held artificially low to prop up a stagnant economy. As soon as Trum was elected, rates started going up and I expect that trend to continue next year. Higher rates may slow buying which could lower sales prices, but we don't expect rates to raise fast enough to hit us in 2017.
  4. Overall economy. If Trump holds to his promises, we'll see a reduction in business regulations and tax rates. This should boost the economy and encourage spending. Businesses can hire more employees which means more people capable of buying a house after sitting the market out for the past eight years. Higher earners will be able to afford more and may see this as an opportune time to upgrade their home or invest in real estate.

Again, nobody can foretell the future but this is my prediction based on knowledge of the local market and what I'm seeing happen across the nation. No matter what happens, rest assured American West Realty is here to help you navigate the market. 

SALES       MANAGEMENT       RENTALS

"We don't just manage!"

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                                 Real Estate Sales                                          Property Management

Nathan Gesner, American West Realty

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Topic:
Real Estate Market Trends
Location:
Wyoming Park County Cody
Tags:
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real estate cody wyoming
real estate powell wyoming
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Rainer
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Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Rates are definitely on their way up.  I think it will make a difference in our area.  I am hoping to at least stay the same in business and not dropping.

I will have to work harder and smarter to meet my goals.

Dec 25, 2016 03:21 PM #1
Rainmaker
3,432,941
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ready and on the road to success. Now just get out of my way

Dec 25, 2016 06:19 PM #2
Rainmaker
515,207
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Rose Mary Justice and William Feela , thanks for stopping in and commenting! I hope you both have a successful 2017!

Dec 26, 2016 06:19 AM #3
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Rainmaker
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Nathan Gesner

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