Just 2 months into 2017 and we’re all ready to talk about the housing expectations that we’ve got. With still a lot of people discussing demonetization and the new budget we’re all prepared to talk about the housing expectations for 2017.
This blog discusses in detail the various housing expectations that lie just ahead of us for this year –
- Prices will continue to rise–but more slowly – For this year, the expectations of the experts are that the prices will continue their climb, but gains will slow. Expectations include the median home sale prices to gain 5.3% in 2017 compared to 2016, which would not be a chief change from the 5.5% year-over-year gain expected to close out this year. Forecasts also state the median home value to rise by 3.2% from November 2016 to November 2017.
- Affordability might worsen – Wages are expected to grow in the country’s big cities over the year, but the share of homes affordable to someone earning the median income is not. The irony of the complete situation of housing market is that the places where there are chances of wage growth are also the places where people can’ live because these are un-affordable. This is a huge mismatch’ therefore, chances are that the affordability might just continue to worsen in the real estate sector.
- Supply will improve, but shortly – Declining inventory was without a doubt the significant characteristic of the housing market in 2016. It led to price appreciation, as well as a hyper fast market for buyers and disheartened would-be-sellers who feared to enter the buying combat. A complete turnaround is unlikely in 2017, but there are some signs the for this year could see a small bump in housing supply–at least on the new home front.
- The competition will grow fiercer – In 2017 sellers will maintain the edge over the buyers as demand is expected to increase. Chances are that flats and other real estate stuff will stay in the market for only a short period of time for they’re sold. The competition will grow fiercer every month between builders, brokers, and buyers.
- Transparency will be increased – thanks to demonetization – The nation was moved when the Prime Minister announced demonetization on 8th November 2016 and that’s also when the nation started expecting transparency. Even in case of the real estate sector, where there were initially huge amounts of scams there are now improved chances of transparency – which is a benefit for the buyer.
These five points mentioned above discuss in detail exactly what is waiting for the real estate sector in the year 2017. The housing expectations of the people have not just been considered but also addressed through the medium of the blog.
Also Read: - Budgeting Your First Property Outlay