The new year is here and many of our readers will be making one of the biggest financial moves they'll ever make in 2017: buying or selling a home. There is no doubt that buying or selling a home can be a turning point in the lives of South Florida residents, but it can be a complicated transaction. People who are looking into making this move in the new year will likely want to know what the housing market has in store for 2017.
Many experts believe that the nationwide housing market will continue to show signs of health this year. One of those signs will likely be a continuation of rising sale prices. However, the rate of the rise in prices may not be as fast as it has been in recent years. Of course, from the depths of the housing boom several years back, the market really only had one direction to go: up.
While rising prices is obviously good news for those who will be selling residential real estate, buyers may be the ones who find this to be a complication in the new year. Rising prices can mean lower affordability rates. Buyers may also find complications when they go to apply for a mortgage. Some experts expect mortgage rates to be volatile in 2017.
One other significant prediction many experts are making for this new year is that more young buyers will enter the real estate market, specifically buyers among the so-called "millennial" generation. However, these buyers are still likely to encounter real estate markets where sellers retain the advantage.
Source: Forbes, "Housing Outlook 2017: Eight Predictions From The Experts," Samantha Sharf, Jan. 3, 2017