As 2016 draws to a close, many are wondering, “What will happen in the real estate market next year?”
2017 is expected to be another record year for real estate sales and prices. The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae, and Freddie Mac all predict that we will see another year of strong real estate sales. The general consensus seems to be that more people will move in 2017 than in recent years.
Why? Millennials, who generally delayed homeownership, are finally ready to enter the market. When the first-time buyer market grows, current homeowners will have the opportunity to move up and keep the market rolling.
Limited availability and interest rates are the biggest threats to growth right now. However, the middle Tennessee market is one of the hottest in the country. The imbalance of supply and demand will continue to negate any drawbacks that arise in the market.
Still, if you are planning on buying or selling a home, having a professional Realtor by your side is the best way to meet your real estate goals in 2017.
If you have any other questions about our real estate market, just give me a call or send me an email. I would be happy to help you!