Sometimes in this real estate business, a crystal ball would be so helpful! But lacking that, let us share with you some 2018 trends predicted by a few real estate experts:
Supply will FINALLY catch up with demand, says Realtor.com … starting in the fall. The reason? Bullish construction is bringing new homes to the market, easing the shortfall and creating opportunity for people to trade up into new homes. But those itchy to buy a starter home, or to downsize, might have to wait a bit longer. Realtor.com predicts the relief will begin in the mid to upper tier ranges ($350,000 and up).
Home shoppers might have it easier in 2018, says Realtormag.realtor.org They agree with Realtor.com that inventory will begin to increase, also noting that price appreciation will slow to a 3.2 percent growth rate nationwide. Of particular interest to our area is the belief that the South will lead in sales growth, topping the national average. Markets like Dallas, Tulsa, Little Rock and Charlotte are expected to be the highest performers.
2018 will be the year of millennial buyers, according to Forbes.com. With many different options for home ownership (think tiny homes, investment homes and co-living situations), millennials are getting ready to leave their parents basements and purchase a home of their own. But whether the market will be able to satisfy their somewhat unique needs remains to be seen.
Builders will focus on entry-level homes, according to Zillow.com Historically, builders have focused mainly on the more profitable, higher priced home segments. However, Zillow maintains that this trend will change because builders will not ignore a hungry market, responding to the demand of more first-time buyers needing new, entry level homes. Good news for those looking to downsize, too.
The GOP Tax Bill Passed, expected to have a major impact on housing markets. This tax bill is definitely something to keep your eye on. The structure of the bill continues to raise concerns, and the National Association of Realtors will explore legislative opportunities next year, as they arise, to improve the law.
Information on 2018 Real Estate Trends provided by the Seay Group Realty, dedicated to service and exceeding your expectations. Call us today!