This article comes from https://www.inman.com by Jotham Sederstrom that gives his take on the 2018 real estate market. Let’s dive in and see what they say?
“Of the 653 economists, developers, agents and owners who participated in Inman’s annual Industry Outlook survey in December, a vast majority — more than 71 percent — stated they were optimistic about the economy going into the new year — a 1 percent increase from the year prior.”
That is a large percentage of professionals that think the economy will be doing better than 2017. With the tax bill passed and people still looking at all the details, it looks like it will be great for the economy and adding dollars to the American workers pockets. I saw just this morning that a large insurance company was handing out some bonus’s to their employees because of the new tax bill.
““The pent-up desire to spend is again palpable,” commented a New Hampshire broker who reported being “extremely optimistic” about the 2018 housing market, economy and his own personal success next year.”
There are a lot of home buyers that have been on the fence about buying a home. It looks like a lot of them are getting off the fence and buying their family a home.
I was listening to a podcast last week and the speaker mentioned that 64% of home buyers will be millennials in 2018. They also mentioned that older buyers that are downsizing will spend about what they sell their larger home at.
““Inventory is low,” said one agent, who also reported holding a negative view of the new tax reform laws while simultaneously harboring goodwill for the president. “Interest rates did not rise over the last two years as predicted. I think this is the most normal the market has been in years. We are back where we were in 2006 as far as values are concerned nationwide.”
That is great news and with the lending practices far different than they were in 2006, the market should see home prices rising and a stable real estate market.
Interest rates have not gone up much and they probably will not this year. The key is getting a home in this tight inventory market. That is what we specialize in, finding people homes. Call me I’m Brett 216-703-5740 Century 21 Premiere and 602-363-6551 EXP Realty and Playa Azul