Now that 2016 is over, we wanted to give you a quick rundown on what to expect from our 2017 market.
The end of 2016 brought on a lot of uncertainty in the real estate market. There are some positive things that happened in our area, like home sales being up 3%, the luxury market starting to surge, and inventory starting to rise.
However, 2017 is going to be the year of the millennial generation, as millennials will make up 35% of all home buyers. Many millennials who might have been waiting to jump into the market see that interest rates are on the rise. It’s possible interest rates will get up to 4.75% by the end of the year, so first-time home buyers will act fast before that happens. Because of this, there will be some great options for financing for first-time home buyers, so keep an eye out for those.
2017 is the year of the millennial generation.
We will also see quite a bit of growth in 2017, and we are sure it will be an exciting year for our market.
If you have any questions, please give us a call or send us an email. We would be happy to help!
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