As you say goodbye to 2016 and look forward to the new year with anticipation, you may be wondering what the Houston real estate market looks like to kickoff 2017. Whether you are looking to buy a house or sell your home, real estate trends will likely drive your decision.
Let’s take a look at what’s going on out there.
Houston Housing Trends in 2017
In 2017, we are looking at a big overall change in the real estate market. While potential homebuyers may be disappointed with the rising interest rates, sellers may be pleased to see things getting back to normal.
Here are 3 of the Biggest Real Estate Trends to Watch in 2017
- Interest Rates Will Continue to Rise – When you read that sentence, it might scare you – especially if 2017 is to be your year to finally buy a home. The uptick in mortgage rates may price some potential homebuyers out of the market. But, the new rates are considered more moderate than high and will persist as we continue to bounce back from the devastation of 2008.
- Millennials and Baby Boomers Will Dominate the Market – Millennials and Baby Boomers have been dominating several industries over the last couple of years and will continue to do so in 2017. This is because a) they are two of the largest generations in history and 2) they are coming to an age where big decisions are often made, such as buying a new home. If you are selling your home, it’s likely that your potential buyers will fit within this group.
- Low Inventory Could Lead to Fast-Moving Markets – With the number of homes on the market at a low, they will not stay long. Homes move fast, so be sure you do too. Working with an agent is one of the best ways to be sure you get the home you want before it is gone! Let your real estate agent know exactly what you are looking for so that they can move fast when your dream home goes on the market.
Houston Real Estate in 2017
While the rising interest rates and low inventory might make buying a home more challenging in 2017, the Houston real estate market is still one of the strongest in the country. At Substantia Realty, we love helping people find, fall in love with and purchase the home of their dreams. Contact us to learn more how working with a Houston Realtor® can help you navigate the fast-moving real estate market this year.