2017 has finally arrived and real estate markets across the country are looking better than ever. While interest rates have bounced off of historical lows, they are still considered extremely low by anyone's standards. If you are planning on buying real estate in Oak Harbor or Anacortes Washington, here is some information that may help you make a more informed and profitable decision.
Consumers Simply Have Greater Buying Power
For example, many economic indicators suggest that home prices should stabilize in 2017. This is good news for homebuyers wishing to purchase an affordable piece of residential real estate. With stabilized home prices and lower interest rates, consumers simply have greater buying power. The National Association of Realtors projects a 3.9% price growth in 2017, down roughly a full percentage point from 2016.
The More Relaxed Lifestyle Found In Semi-Rural Areas
In addition, the expected trend of young first-time homebuyers heading to the suburbs is good news for sellers. A growing number of millennials are showing clear signs of having a desire to live in the suburbs. This can be attributed to the low cost of living and the more relaxed lifestyle found in semi-rural areas. Young first-time homebuyers will find that they have greater buying power when purchasing in the suburbs; yet another obvious reason for this 2017 trend.
Potential Tightening In Residential Home Supplies
Further research into The National Association Of Realtors projections indicates a potential tightening in residential home supplies in certain cities. The NAR is projecting that the number of available homes for sale, or overall inventory will continue the 2016 trend of being somewhat limited. This is further good news for prospective sellers. However, buyers should not be discouraged because smaller rural cities like Anacortes continue to have a steady influx of fresh inventory.
The Latest Trends
Regardless of if you are planning to sell a home or make a purchase in 2017, it is a good idea to stay abreast of the latest trends as a way to ensure the best possible deal. As a final note, one of the best ways to enjoy great success in all your real estate endeavors is to work with a trusted and experienced Oak Harbor realtor. Nicole Haun is a dedicated and focused Oak Harbor real estate professional that is always standing by and ready to assist. Call today to learn more!
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