How will our real estate market change in 2017? Today, I’ll go over my market predictions for the new year.
Buying a Hampton Roads home? Get a full home search
Selling your Hampton Roads home? Get a free Home Price Evaluation
Selling your Hampton Roads home? Get a free Home Price Evaluation
Everyone wants to know what the market will be like in 2017. The truth is, we can’t see the future. However, there are several market indicators that can tell us what to expect over the next year.
First of all, you should keep an eye on interest rates. There are many zero down or low down payment mortgages available right now, but the real estate market will always be heavily affected by interest rates. Many people are nervous about a huge spike in interest rates, but I predict they will only creep up a little bit because the market cannot sustain a huge rate jump.
Over the past couple of years, Hampton Roads has been in an appreciating market. Home values have been rising consistently, but in some areas, home values appreciated a little too quickly. I predict that you will see that appreciation slow down in 2017.
In 2017, the real estate market should be more balanced.
Overall, I predict that we will see a more balanced real estate market in 2017. I don’t anticipate interest rates skyrocketing or values changing dramatically. Homes that are priced correctly will sell in a reasonable amount of time, and we will see a bit more inventory for buyers to choose from. There will still be good interest rates and affordable prices for home buyers.
If you have any other questions about the future of our real estate market, just give me a call or send me an email. I would be happy to help you!
