The good thing about this year’s trend is that it is going to be, or suspected to be better than 2016. With that being said, it will not be by much. Slow growth rates, and different events like our new president being elected, are just a few of the factors that contribute to trends in the housing market. But hey, growth is growth, even if it is minimal.
The President
With president Donald Trump looking to decrease taxes, spend more on infrastructure and cut down on immigration, it could potentially have a positive impact. This is according to Forbes as well as if it does not have a positive impact, the market will most likely stay neutral. So there is some uncertainty with what will happen, negative impacts do not seem to be of major concern.
Slow Growth Rates
Slow growth rates are slow growth rates. Maybe a .1 to .3 percent increase in rates is all the experts are really predicting for this year as it continues on. There are obviously many different opinions on this subject therefore the numbers can vary from source to source. This is not a major concern either because it is consistent with last year and people made it through.
Millennials
One thing that stood out was that millennials will be a huge part of the market. This is especially important for our area because according to Forbes, millennials will be moving away from the coasts to where the housing is more affordable for a starter home. Good news for contractors in the markets that we serve.
Another trend that has been discovered is that a lot of the Midwestern cities seem to be the most affordable and millennials will ultimately flock to where they can live comfortably and start their lives in a new home. Again, going back to the above, good for our markets that we serve. This could be the start of something great for our markets and contractors alike.
Concluding Thoughts
This blog is short and sweet and hopefully gives you a little snapshot of what 2017 is going to be like on the housing market. There doesn’t seem to be any indication of major growth, or major decline. Which can be taken as positive or negative. As the year continues to go on, maybe we see a trend going in the positive direction at a steady pace. It is predicted to go that way, and six months in it has been relatively consistent with that prediction.
Sources:
https://www.forbes.com/sites/samanthasharf/2017/01/03/housing-outlook-2017-eight-predictions-from-the-experts/#79a275d67fa0
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