Every new year brings a host of new predictions for real estate trends, I have chosen a few which I think are interesting and key for prospective homeowners and sellers to consider as they start to navigate the 2017 housing market.
Increases in Interest Rates
According to a recent article by Fortune, this December the Federal Reserve has raised interest rates for only the second time since 2006.
To read more, please visit: Forbes | Real Estate Trends 2017
These post-election interest rate hikes have created a sense of urgency among home buyers who have rung in the new year by rushing purchase homes before rates rise any higher.
Although rising interest rates might seem daunting, it is important to put these current rates in a historical context.
According to a recent Forbes article; the 1970s saw interest rates at an average of 8.9%, in the 1980s at 12.7%, the 1990s at 8.1%, and during the 2000s at 6.3%. We are currently seeing interest rates of 4.2%, which is an increase from 3.5% before the election of Donald Trump, but also still relatively low in a historical context.
To read more, please visit: Forbes | Stressed over Higher Interest Rates?
If you are interested in learning more about increases in interest rates and how they might affect your buying power, I would be happy to assist you with all of your real estate needs and help you navigate today’s complex housing market. Please contact me here.
Rising Home Prices Will Push Homeowners Equity Higher
CoreLogic, a leading global property information, analytics, and data-enabled service provider, has forecasted a 5.2% increase in home prices by September 2017 since the same time in 2016.
To read more, please visit: Core Logic | US Home Price Report Shows Prices Up 6.3 Percent in September 2016
This increasing home prices trend is especially prevalent in the Seattle area. A recent Forbes article has put the emerald city in the fourth spot for the best investment housing markets in 2017. Forbes has predicted a 3-year price growth forecast of 26% which is much higher than the 17% national average.
To learn more, please visit: Forbes | Where to Invest in Housing in 2017
With these home price increases, home owners will see their home equity rise accordingly. This will ultimately this will allow homeowners to remain in a good position to sell their home as well as refinance. If you are looking to take advantage of the current seller’s market, I would be happy to assist you with all of your real estate needs and work together to successfully position your property into today’s housing market.
Year of the Drones
A recent decision by the Federal Aviation Administration has made it much easier for businesses to operate drones. According to a recent article by Marketwatch, we can expect the usage of drones within the real estate industry to increase dramatically over next year.
To learn more, please visit: Marketwatch | 5 real estate trends to watch in 2017
Drones are capable of producing incredible aerial photography and cinematography which assist in uniquely positioning a property within the housing market and sharing a fantastic narrative around a home. These assets are very helpful to prospective buyers as they are able to gain better understanding of the overall property.
Working with Realogics Sotheby’s International Realty (RSIR), I have access to one-of-a-kind marketing resources and have been utilizing drones to share the amazing story being the unique properties that I represent. Here are a few sold listings where I have worked with the sellers to share their properties through drone photography and cinematography:
If you would like to learn more about uniquely position your property in today’s housing market, please contact me here.