As we enter 2017, today I want to recap how our market did in 2016 and make some predictions for the future.
Happy New Year!
Today I wanted to recap the previous 12 months of market activity and give a few predictions of what to expect moving forward in 2017.
Overall, year over year, our 2016 market was flat. Not only did homes only increase by 1% in value, but the number of units sold increased only slightly in our general market area.
A lot has changed on a larger, more macroeconomic level, though, both in our country and around the globe. As President-elect Trump takes office, it will be interesting to see how that affects our local and statewide real estate markets. Of course, we’ll be watching and share our thoughts with you as things progress.
My prediction for 2017? I think we will stay flat for another year. We might see a modest 2% to 3% uptick in value and continued growth in inventory sales, but to the general consumer, it’s going to feel flat. As far as interest rates go, toward the end of 2016, they inched back up closer to 4%. As the new administration settles in, we’ll keep a close eye on how that situation progresses.
If you have any questions or are thinking of buying or selling a house, please don’t hesitate to reach out to me by phone or email. I look forward to working with you soon!