In light of recent events with the Fed raising interest rates, it's only appropriate that we bring up the question on everyone's mind - what do we expect the market to look like in 2017? Lately, home prices and sales have been accelerating, but will this continue into the new year?
While the strenuous process of bidding for a house (sometimes above the asking price) is not expected to change, the acceleration we've been seeing recently isn't anticipated to get much worse. According to the latestsurveyconducted by theNational Association of Realtorsof 2,800 U.S. households from October to December, we're likely looking at a smaller increase in sales in 2017. In comparison to the sales price growth of 5% this year, it's presumed that 2017 will slow slightly to a 4% increase.
Nonetheless, the recent raise in rates has already begun to affect those looking tobuy a home, as current mortgage rates are making it more difficult to qualify for a loan. Because of this, would-be first-time homebuyers may be rethinking buying and fewer homeowners are refinancing their loans. Thus, lenders are beginning to make more loans to individuals with lower credit and higher debt-to-income ratios. Still, a vast majority of the U.S. believes it is a good time to buy a home and this optimism means the market won't be slowing too noticeably.
Author:Kurt Galitski Phone: 714-957-6677 Dated: December 20th 2016 Views: 7 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
View our latest blog posts in your RSS reader. Click here to access.
With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
The Kurt Real Estate Group celebrated in style last weekend at the Lag
"I am not sure if my accolades of Kurt Galitski can do him and his service justice...I called Kurt Galitski as a shot in the dark...
Kurt is a true professional and he has even continued to help me with letters to and from the Seller, even though escrow has already closed. I couldn't have been more happy to work with Kurt and his team. I highly, highly, highly recommend speaking with Kurt when you are ready...Read more on Yelp"