What Does the 2017 Market Look Like So Far?

2016 was a record-setting year, and we’re already seeing a lot of activity in 2017. Does this mean you should get ready to buy or sell?

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We’re more than a week into the new year, so today I wanted to provide you a quick recap of the 2016 real estate market and give you a glimpse of what to expect going forward in 2017.

You may find this hard to believe, but we sold 1,000 more homes last year than we did the year before. All in all, it was a record-setting year, despite everything that happened in the oil market. Home prices were also up about 2.5% in 2016.

Right now, we’re already starting to see an increase in activity. Interest rates have also risen considerably. As of today, they’re hovering around 4.25%, which stands in contrast to the middle of last year when they were holding steady at 3.5%.

If you’re looking to buy a home, you have to act fast.

As far as they’ve already risen, interest rates are projected to rise even further in 2017. We expect to see three separate rate hikes, which should total about 0.75%. If you’re looking to buy a home, then, you’re better off doing it sooner rather than later. Despite this uptick, rates are still historically low.

Stay tuned for our comprehensive 2017 market forecast happening at the end of this month. In the meantime, if you have any questions, please feel free to give me a call or shoot me an email. I’d be happy to help!