Still bitter with the real estate industry following the market’s 2008 downturn? Real estate selling in 2017 and beyond may offer some karmic retribution. A seller’s market is predicted, though a buyer’s market is not too far off on the horizon.
What “the experts” are saying
Most economists agree 2017 will be a strong seller’s market, though buyers are expected to have their day in 2018 or 2019.
• Matthew Gardner, chief economist at Windermere
Gardner expects inventory to rise in 2017, but not to sufficient levels to support the currently stretched market. Inventory will take a little longer to sell, but as the job market continues to tighten, demand will continue to outstrip supply.
• Mark Fleming, chief economist at First American
Assuming a market with modestly and predictably rising mortgage rates, Fleming believes first-time buyers will drive the market, pointing to a demographic that’s young (millennial), diverse, technologically savvy, and predominately college-educated.
• Jonathan Smoke, chief economist at realtor.com
Smoke sees market potential for a high volume of first-time buyers, but with geography playing a role: Some markets will be above-average in price expectation or sales expectation – but few will be above-average in both. In seller’s markets, supply constraint will be driving the price; In buyer’s markets, “great buys” are pushing sales growth. The good news? Either is good for the real estate selling business.
• Svenja Gudell, chief economist at Zillow
Gudell sees a market skewing to sellers, with more purchases on the outskirts of the city compared to the urban center, with its much higher price tags. She warns to expect higher cancelation rates and lower conversion rates in today’s challenging financing environment, with pent-up demand declining, in favor of more organic activity as interest rates rise.
Looking forward to a better real estate selling future in the coming years? Looks like the market may finally be on your side. Take advantage, with the help of Properties Online today.