Most markets stabilized last year after the real estate crisis set off wild swings in the housing market for nearly a decade.
According to the real estate experts, we can expect a lot of things next year.
They said that the rising prices will keep pushing homeowner’s net worth. If this happens next year, Americans would add $1 trillion in home equity to their collective balance sheets.
The experts also said that mortgage rates are going up. But it will become easier to get a mortgage in 2017.
“The pendulum has been swinging toward a loosening of the credit box a bit,” says Daren Blomquist, a senior vice president with Attom Data Solutions.
“I don’t think we’ll see a reversal of that with the new administration. We’ll likely see an acceleration.”
The inventory next year will remain tight. Builders are only putting homes up at about 60% even if they have increased production.
“It’s driven by supply and demand,” says Sam Khater, deputy chief economist at CoreLogic. “The lack of affordable supply is really driving up home prices.”
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