The 2017 real estate outlook continues to be strong, at least according to the recently published mid-year forecast from the National Association of REALTORS. However, many markets continue to experience inventory shortages - in both resale and new construction. The low supply, coupled with increasing demand, has forced prices to skyrocket in many major markets across the country. Yet, amidst those supply shortages, the forecast still calls for increased sales throughout the rest of 2017. The equation here seems to complicate the facts of simple economics, but just below the surface, there are many other factors at play that continue to drive buyers into the market, despite these many challenges. Read the full report on Realtor.com!
With the warmer weather of the summer months approaching, if you're like many others, you may be planning on enjoying more time in your home's outdoor spaces (after all, that's what they're there for right?). To get the most out of your outdoor living spaces, you may want to check out these tips from Houzz for improving those areas! They have some simple ideas from adding greenery, to more involved projects, like adding an outdoor kitchen or deck! And for the ultimate backyard summer experience, check out this list of 32 fun things to do with your backyard this summer from LighterSide of Real Estate!
April 2017 Snapshot
Source: Information and Real Estate Services, LLC | Information deemed reliable but not guaranteed
The real estate market is constantly evolving. What is true one day may not be true the next. For example, this past winter many forecasts for the spring season predicted buyers might be scared off by rising interest rates and a lack of homes for sale.
However, now that spring has arrived, mortgage rates have actually come down a bit and the housing market has been among the strongest sectors of the economy.
For example, Fannie Mae’s Economic & Strategic Research Group’s latest housing report expects “that a seasonal uptick in listings going into the spring selling season will help alleviate extremely tight inventory.”
In other words, despite higher rates and minimal inventory, the housing market is performing well and trends going forward indicate conditions may become even more favorable. Every potential home seller needs to be informed of these facts.
Again, looking at the Fannie Mae monthly ES&R Group Economic and Housing Outlook we see the two sides of the coin in this real estate market. On the one hand, lower inventory and higher mortgage rates suggest that affordability conditions will make it tougher for buyers looking for a house this year.
On the other, the job market, wages, and economic optimism have all been trending upward recently, which could help offset some of those challenges. The report notes that early indicators show buyer demand is still strong. In fact, both pending home sales and demand for loans to buy homes have recently shown an upswing.