Homebuyers and Sellers Tip: Real Estate Trends to Look Out For in 2017

Are you looking to dip your toes into the real estate market this year? With the many developments going on across the country the past several months, you can expect some significant changes in the industry.

Whether you’re coming in as a buyer or seller, you could use the help of a professional agent to help facilitate things. Here are some of the more important trends that should be relevant for you this year.

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Price Increases

This has been going on for a while now, but you can expect this to continue throughout the year too. According to analysts, this can be attributed to the fact that demand is actually higher and stronger now than it was at around the same time last year. But don’t worry, though, because it’s going to be a slow and steady climb.

You won’t have to worry about sharp increases, it’s unlikely for home prices to shoot up faster than income or inflation rates.

Better Mortgage Credit

This is projected to happen thanks largely in part to relaxing of lending standards. First-time buyers can continue enjoying lower fees, which were first implemented back in 2015. This is expected to remain well into 2017, especially with government-owned mortgage companies easing the regulations so buyers can have better financing option for their real estate purchases.

Construction Boom

Although the real estate industry took a step back in new home construction in the past year, this year’s outlook projects better days ahead, especially in light of the increase in demand. With still low mortgage rates, homebuyers are more likely to be encouraged to purchase brand new homes customized to their needs and preferences.

However, costs for a new house construction will also be on the rise. The cost of materials are likely to increase, but nonetheless, experts view this as part and parcel of the developments in the industry as a whole.

If you want to feel confident as you take a step closer to purchasing your dream home, it’s advisable to seek help from experienced local real estate agents.

Sources:

These 5 Trends Will Shape the Housing Market in 2017. Fortune.

Housing Outlook 2017: Eight Predictions From the Experts. Forbes.