The beginning of a new year is always exciting to me. It is full of hope and possibility. I am an optimist at heart and always start the year thinking it will be a wonderful year for all! Being a Realtor in Upstate SC, I wanted to make a few predictions for what 2017 will be like in the real estate market for our area.
In the end, I think it will be a great year for our market. As with all years, it will have it's ups and downs, but I think our area will continue to grow and prosper. Following are a few of my 2017 predictions:
- Interest rates will rise some, but the increase may actually help the economy overall. I don't think the rates will rise so much that they will influence buyers to slow their buying.
- Home prices will continue to increase, but at a slower pace than 2016. This is actually a good thing overall so we don't have another crash.
- Inventory will continue to be an issue for most of 2017. Sellers are still cautious and most dont realize that prices have come up again to about where they were before the crash.
- Because the inventory stays low, it will continue to be a seller's market for most of 2017. This will also keep the days on market very low, but will continue to frustrate buyers since it is so hard to find a home to buy.
- New homes will boom in our area for 2017. With lack of inventory, builders will come back to the market in force!
- Lending will be a little easier, making it easier for the first time buyers to get in the market and own their first home.
So there you have it, my predictions for Upstate SC ( Anderson, Greenville, Pickens and Oconee Counties of SC). What are your thoughts? How do you think the real estate market will do in 2017?