We’ve all heard about real estate market trends, but do you know how they directly impact you? Whether you’re buying or selling, trends will affect you differently. Learn about a few of the predicted trends of 2017 and how to navigate them.
Buying a home is getting faster. The average home stayed on the market for around 50 days in 2016, and we expect that it won’t get any slower here in Central Oregon. If you’re looking to sell your home, it’s better if you’re prepared to make a quick move. Years ago, you could put a house on the market and sit for months waiting for an offer. Now, if you’re listing a property, you should be ready to accept an offer and make a quick move. On the flip side, if you’re looking for homes, it’s best if you’re prepared to make a quick offer. In today’s market, you must be ready to move on a property or lose it.
First Time Homebuyers
This year has been predicted to be the year of the millennial. And with that comes more first-time homebuyers, and buyers that are younger. With the large mass of younger buyers, competition for properties might get stronger. Affordable starter homes will be a hot commodity, and will go pretty fast once listed.
Mortgage rates can fall and rise, and they’ve been rising in 2017. When rates rise, it tends to mean that loans are more expensive. This can lead to a lower housing demand, which then turns around and raises homeownership.
Home Prices Rise
Home prices are expected to grow slowly as the year progresses. Price growth is great for current homeowners and investors, as their properties tend to increase in value. In some real estate markets, some home prices might expect to see a decrease in pricing, but only in higher level markets.
Just as predicted these factors are impacting the Central Oregon Real Estate Market. We can expect to see lower numbers of listings, as well as affordability issues caused by competitive buyers and offers. The current market benefits sellers as there are few listings, which drives higher pricing. However the market swings, it benefits someone, whether it’s a seller, or a first-time homebuyer. The good news is, the market is constantly changing.