Throughout 2016 home prices were on the rise and interest rates remained low. What do experts predict for 2017?
National Mortgage News reports the following 5 housing market predictions as analyzed by Realtor.com for the coming year:
Boomers and Millennials Top Buyers
Millennials and baby boomers are predicted to be the biggest groups of home purchasers over the next year.
Millennials in Midwest
Midwestern cities are expected to draw more millennials because homes are more affordable and interest rates are growing.
Price Growth Shrinks
Home prices have been growing, but growth is expected to be less robust than last year. Only about a quarter of the top metropolitan cities are expected to see home prices grow by more than 1%.
Homes Move Fast
Housing inventory will likely not rise because inventory constraints may continue. This can mean that homes can sell quicker in competitive markets.
The West Will Win
The West may very well have the most impressive home sale statistics and prices. Both home prices and sales are expected to rise by nearly 5%.