5 Real Estate Trends 2017

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5Real Estate Trends 2017
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Rising Rates
A majority of the members of the Fed's
rate-setting board predict there will be three
more increases coming in 2017 and Mortgage
interest rates are expected to increase, but to
no higher than 4.3 percent on the 30-year fixed
rate.
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Though rates may rise, mortgage credit will
likely be more widely available due to slightly
looser lending standards. In 2017,
government-owned mortgage companies Fannie
Mae and Freddie Mac will begin backing larger
mortgages for the first time in over a decade,
making it easier for buyers in expensive markets
to finance their purchases.
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New homes will be even more expensive
New construction always comes at a premium, but
that will be even more true in 2017, A labor
shortage in the construction industry is forcing
builders to offer higher wages to compete for
workers. Those costs, will be passed on to
buyers.
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Millennial Will Be Big Buyers
Research from Zillow shows that 47 of millennial
homeowners have opted to buy houses in the
suburbs, largely due to the lower cost of
living that it entails. The amenities that many
suburban areas offer are also appealing, even if
it means that homeowners have a longer commute.
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Rental affordability will improve
Experts predict renting will become more
affordable next year. Zillow predicts rental
rates will rise only about 1.5 percent in 2017,
This is due in part to an increased supply A lot
more multifamily rental units are being built,
and many renters have doubled up with roommates.
These two things have helped supply rise to meet
rental demand.
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