The big holidays are right around the corner. Along with the eggnog, holiday shopping, and countdown to the new year, comes the predictions of the housing market for 2017. Luckily for you, Windermere’s Chief Economist, Matthew Gardner, has been giving his annual forecast to a variety of real estate and financial organizations. It’s always difficult to predict the future, but based on what we do know today, here are some thoughts on the current market and what you can expect in the new year.
Housing Affordability: This continues to remain a big concern for many west coast cities, as some markets have seen home prices escalating above income growth. We all know that this is unsustainable over the long term, so, luckily, it is believed the rate of growth will begin to slow and price appreciation will soften.
Housing Supply: In 2016, home prices and sales rose while listings remained the same. Hopefully, in 2017, there will be an increase in the number of homes for sale, hopefully, relieving pressure.
First-Time Home Buyers: First time home buyers should be abundant come 2017, and it’s a good thing. First-time home buyers are mandatory to achieving a more balanced housing market. While rising home prices and competition will act as an obstacle to some first timers, the increase in housing inventory should help alleviate some of the challenges.
Interest Rates: Although interest rates remain remarkably low, they have begun to increase since the election, and they will continue to increase through 2017. Matthew Gardner believes the 30-year fixed rate to increase to about 4.5 percent by year’s end. Yes, this is well above where interest rates are currently, but it’s still very low.
Alas, it is continually heard that there are concerns about an impending housing bubble. While price growth should grow in certain areas, the floor should not fall on housing prices. There should be a slight shift towards a more balanced market in the year ahead. So, all in all, 2017 shall provide yet another good real estate market.
Maybe it all started when I was a kid and would watch my mom rearrange our house for the 20th time to make the interior design just perfect. Or, perhaps it started when my aunt and uncle jumped into the world of real estate and their lives lit up. Either way, I knew for a long time that real estate was an adventure I wanted to tackle.
And here I am — a Realtor for Windermere. It might be coincidence that my aunt is also an agent for Windermere in California, or it may just be that we are attracted to great companies. That said, I made it, and I am excited to partake on this journey with you. Whether it be finding your dream home, selling your home to move into your dream home, or finding that investment property to make your wallet proud, I am officially your girl. You can look to me for any of your real estate needs and I promise I will deliver.
I get it. You don't want to hire a girl you don't know, so let me tell you a little bit about myself. I grew up in California, moved to Boulder, CO for college, traveled Central and South America and Southeast Asia for two years, met my husband in Peru, then moved to Utah to start my career and get married. How was that for one sentence? All in all, I love to travel (especially around Utah), drink coffee, take photos, meet strangers, talk to friends and family and work hard. But, what I really love most is making you happy. I will work my hardest to make sure you are happy and get what you want. So, let's meet — get coffee (or tea) — and talk about your needs. I can't wait.