2017 Crystal Ball Predictions

By
Real Estate Broker/Owner with American West Realty & Management 12599
http://activerain.com/droplet/4YRL

What's on the horizon?

In response to a challenge presented by Praful Thakkar I am going to share my predictions for the Cody Wyoming market in 2017.

As many may already know, Wyoming's greatest source of revenue is the energy industry which took a roughnecksmajor hit in 2015. We were locally impacted as field workers left to find work in other states. This continued in 2016 and we saw a lot of upper-priced homes come on the market as upper-income employees moved to survive. Many of them had just purchased a 1-2 years prior! This didn't destroy our market, but we definitely saw stagnation.

As a property manager, the impact was more profound. Due to the nature of the oil field industry, many employees are shifted around the country, making it difficult for them to set roots. The good news is, that keeps my rental market full of well-paid Tenants! However, the loss of jobs in 2015 saw a slowing of the market and 2016 continued a downward trend. In the past I didn't have enough rentals to meet the demand and rates were steadily increasing. Suddenly, we saw demand dry up, rates drop, and it's been a real struggle for us.

What's next?

The good news? Optimism is high nationally, but even more so in our community. The energy industry is already starting to creep back in and we expect them to be open for business by the summer. We're also expecting the start of construction on a $25 Million facility for a major employer which will bring a lot of money and renters for the next two years. This surge should result in hundreds of new employees, all earning above median income and all looking for temporary housing. 

My prediction for 2017? My future is so bright, I gotta wear shades!sunglasses

Are you a Landlord in need of a property manager in Cody, Wyoming?

Contact American West Realty today at 307.587.9608

or visit us online to learn more about our services.

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Nathan Gesner, American West Realty

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Topic:
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Location:
Wyoming Park County Cody
Tags:
real estate market cody wyoming
real estate in cody wyoming
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economic predictions cody wyoming

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Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Nathan

Glad to hear the prediction is for a bright future! It has to be hard when a community is so impacted by changes in a particular industry. It will be interesting to see how your predictions turn out!

Jeff

Jan 16, 2017 09:34 PM #1
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Interesting area Nathan.  I would suspect that the current administration may make the energy industry prosper.

Jan 17, 2017 06:17 AM #2
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks for sharing some of your predictions for the new year.

I predict that you will enjoy continued success.

Jan 17, 2017 08:26 AM #3
Rainmaker
571,051
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Nathan Gesner 

I would agree with you about the national optimism and I am also enthusiastic  about job prospects

Jan 17, 2017 12:36 PM #4
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Nathan Gesner - there is always a brighter side of anything. In your case, the rental market became productive, thanks to a bit of hit to Energy Industry.

A new venture always brings in more jobs and is better for the area - like what you see in Cody.

Good Luck in 2017.

Jan 18, 2017 08:06 PM #5
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

And yes, want to Thank You for your participation in this contest, Nathan Gesner.

Jan 18, 2017 08:06 PM #6
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

(Ok, the best part I like from your post is....

"My prediction for 2017? My future is so bright, I gotta wear shades!")

Jan 18, 2017 08:07 PM #7
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have my sunglassess ready for the bright future ahead. I know I am going to work hard to see that my future is bright. We have the power.

Jan 19, 2017 06:19 AM #8
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Anna Banana Kruchten CRB, CRS, Broker
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Nathan I'm glad to hear that things are looking up in 2017 for your area.  You were all hit hard and it's time for a comeback.

Jan 26, 2017 09:21 AM #9
Rainmaker
521,276
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Anna Banana Kruchten thanks for commenting. It's already started! I rented out a few units last week and this week we've already rented seven!

Jan 26, 2017 03:02 PM #10
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Without a doubt, 2017 is going to be a year of transition, not only in the political and policy arenas but also within real estate. It is driven by changes in legislative, MLS, and market forces. 

Feb 04, 2017 12:52 PM #11
Rainmaker
521,276
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

I agree with you completely, Inna Ivchenko . Thanks for the comment!

Feb 04, 2017 02:13 PM #12
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Nathan Gesner

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