As we steadily approach the Fall of 2016, it’s important for you to prepare for the housing market in 2017. According to Time, the housing market is still in the healing process from prior bumps and bruises from the last inventory squeeze. With the 9% less inventory than 2015, the housing market needs to be on their A game.
We’ve accumulated a short list of what to expect in the next year’s housing market to prepare for what’s soon to come.
Lower home prices
The Tampa/St.Petersburg area is predicted to have a 3% home increase which, compared to the whopping 8.7% increase of house prices, is a relief. Chris Flanagan, Bank of America analyst, even predicts in 2017 the price level will decline to 1.7% in 2017, 2.1% in 2018, and 0.8% in 2019.
Housing Construction will be on the move
Home construction has decreased, however it’s expected to see some movement with more renters becoming homeowners. In fact, the Tampa area has already seen an increase in construction and new builds.
According to Gord Collins, mortgage rates are expected to stay low with wages and employment increasing.
More housing units to be occupied
According to Forbes, More housing units are being occupied, and that dictates a strengthening market in 2016.
According to Bloomberg, Chris Flanagan predicted in a report on August 1, 2016, that starting in 2017 the U.S. housing market will experience three straight years of “modest” declines in property values. This is great news for both sellers and buyers. Especially considering the past few years we’ve had in the real estate industry. A nice turn-around would be a refreshing change for everyone!