Whether you're interested in buying or selling a home this year, there's reason to be optimistic. See how a healthy real estate market and positive consumer sentiments are contributing to a buoyant housing sector.
Real Estate Trends
The housing market continues its recovery as home prices gradually increase, interest rates remain low and millennials represent the largest group of homebuyers for the fourth year in a row. There's been a slight increase in historically low interest rates, but that's an indication of an improving economy. Single women homebuyers exceed single men buyers by more than double, accounting for 17 percent of homebuyers (compared to single men at 7 percent). Home values nationwide are expected to keep inching up while the inventory of available homes continues to decline.
The 2017 Q1 Housing Opportunities and Market Experience report published by the National Association of Realtors (NAR) shows favorable sentiments among consumers. Seventy-two percent of those surveyed thought it was a good time to buy, and 69 percent felt it was a good time to sell. More than half said they believed home prices in their community have increased over the last 12 months. And renters and suburban homeowners, in particular, felt that prices would continue to rise in the second half of the year.
In another NAR report, the Aspiring Home Buyer Profile, nine in 10 nonhomeowners expressed a desire to own a home. Fortunately, if the market trends and consumer perceptions are any indications, 2017 could very well be the year many renters realize their dream of homeownership.