As we head into the remaining 9-months of 2017, here are eight housing outlook predictions that experts shared to Forbes magazine for 2017:
1) Prices will continue to rise–but more slowly (Nela Richardson, chief economist at real estate brokerage Redfin)
2) Affordability will worsen as wages are expected to grow in America’s big cities this year, but the share of homes affordable to someone earning the median income is not (Richardson)
3) Mortgage rates will be volatile (Svenja Gudell, chief economist at Zillow.)
4) Credit availability will improve – maybe.
5) Supply will improve but remain short (Ralph McLaughlin, chief economist at Trulia)
6) More Millennials will become homeowners and renters (Zillow and Redfin)
7) Competition will grow fiercer (Redfin)
8) Political uncertainty will be replaced with policy uncertainty
What is the current housing outlook for certain types of homes right now? According to RealtyTrac market trends, the highest estimated availability right now is for homes between $100k and $200k, 1,200 and 1,400 square feet, and three bedrooms.
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